Question: For the production function q(K,L)=min(5K,L), given the prices for K and L, which of the following statement is true? Please provide explanations, thank you! 2.

For the production function q(K,L)=min(5K,L), given the prices for K and L, which of the following statement is true? Please provide explanations, thank you!

2. For the production function q(K, L) : min{5K, L}, given the prices for K and L, which of the following statement is true? (a) The marginal cost function is equal to the average cost function. [CORRECT ANSWER] (b) The marginal cost function is smaller than the average cost function. (c) The marginal cost function is greater than the average cost function. ((1) The marginal cost function is twice as large as the average cost function

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