Question: 999'! Let the production function be as follow: qu'K) = L0.5K0.5 Assume K=100. What is the production function in the short term? What is the

999'!" Let the production function be as follow: qu'K) = L0.5K0.5

999'!" Let the production function be as follow: qu'K) = L0.5K0.5 Assume K=100. What is the production function in the short term? What is the equation for AP; and MP... Find the APLmaximlzing level of Labor. Now go back to the long term-term production function. Derive the equation for an Iso- quant curve corresponding to 11:100. Derive the slope of Iso-quant curve as a function of L and K. Assume q=300l, what should be the optimal Land K. What is total cost of production? Continued from part f, assume that q increases to 5000. Calculate L, K and total cost in the short term. Calculate L, K and total cost in the long term

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