Question: 3. Suppose that a firm's production function is given by q = min(5K, 10L) and that the rental rates for capital and labor are given

3. Suppose that a firm's production function is given by q = min(5K, 10L) and that the rental rates for capital and labor are given by r=1 and w=3. (a) Calculate the firm's long-run total, average and marginal cost curves. (b) Suppose that K is fixed at 10 in the short run. Calculate the firm's short-run total, average and marginal cost curves

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