Question: Consider a firm whose Production function is 2 = KL The input prices are denoted by wir 70 By solving the long, run Cost minimization

Consider a firm whose Production function is 2 = KL The input prices are denoted by wir 70 By solving the long, run Cost minimization Problem, find the long-run Cost function C (q, wir) (2) Find the marginal cost function MC (2, wir) 3 . By inspecting the condition P = MC ( 2, wir ) graphically (fixing wir), Show that why this production function does not yield a properly defined long-run profit maximizing output

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