Question: Epiphany & Co.'s production function is given by Q=50LK. Let w=25 and r=100 be the prices of labor and capital, respectively. (a) Find the equation

$Epiphany \& Co.'s production function is given by Q=50LK. Let w=25$

Epiphany \& Co.'s production function is given by Q=50LK. Let w=25 and r=100 be the prices of labor and capital, respectively. (a) Find the equation of Epiphany \& Co.'s long-run average total cost curve. (b) Find the equations of Epiphany \& Co.'s short-run average total cost curve when capital is fixed at K. For simplicity, assume the fixed cost is sunk. (c) Use Excel to draw a graph of the long-run average total cost curve and the short-run average total cost curves for K=1 and K=2. Epiphany \& Co.'s production function is given by Q=50LK. Let w=25 and r=100 be the prices of labor and capital, respectively. (a) Find the equation of Epiphany \& Co.'s long-run average total cost curve. (b) Find the equations of Epiphany \& Co.'s short-run average total cost curve when capital is fixed at K. For simplicity, assume the fixed cost is sunk. (c) Use Excel to draw a graph of the long-run average total cost curve and the short-run average total cost curves for K=1 and K=2

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