Question: Consider the production function Q = K + 2 L 1 2 with w = 1 and r = 1 0 . a . Plot

Consider the production function Q=K+2L12 with w=1 and r=10.
a. Plot the isoquant for Q=10.
b. Write down the long-run cost minimization problem for Q=10.
c. Demonstrate that the solution isat a corner point.
d. Derive the condition onr for an interior solution
e. Suppose the solution is interior. Derive the cost-minimizing L and K. Determine ifL and K are normal inputs.
f. Suppose the solution is interior. Calculate the elasticity of labor demand with respect tow.
Consider the production function Q = K + 2 L 1 2

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