Question: A competitive firm uses two inputs, capital () and labour (), to produce one output, (). The price of capital, k , is $1 per

A competitive firm uses two inputs, capital () and labour (), to produce one output, (). The price of capital, _k, is $1 per unit and the price of labor, _l, is $1 per unit. The firm operates in competitive markets for outputs and inputs, so takes the prices as given. The production function is (,)=3^0.25 ^0.25.

Write the equations for the firm's average cost function and marginal cost function

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