Question: Consider a firm with a production function f ( L , K ) = 3 L 1 / 3 + 2 4 K 1 /
Consider a firm with a production function f L KLK L K
a Calculate the marginal products of both labor and capital.
b Calculate the MRTS
c Suppose w and r Derive the firms longrun cost functions cLRq
Note: Instead of the Lagrangian method, you may directly use the two optimality
conditions: M RT S w
r and f L K q
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