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, K)=3L1/3+24K1/3+ L + K.
(a) Calculate the marginal products of both labor and capital.
(b) Calculate the MRTS.
(c) Suppose w =2 and r =2. Derive the firms long-run cost functions cLR(q).
Note: Instead of the Lagrangian method, you may directly use the two optimality
conditions: (1) M RT S =w
r and (2) f (L, K)= q.

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