Question: How would I solve this problem . Consider the following production function: y = 16LK 3, where y is output and L and K are
How would I solve this problem

. Consider the following production function: y = 16LK 3, where y is output and L and K are inputs. Suppose the price of both inputs is 1. (a) Find the long run total cost function, LRTO'(y) . (b) Find the long run marginal cost function, LMO'(y). (c) Find the long run average cost function, LAO'(y). (d) Suppose that the quantity of input K is xed at level 1 in the short run. i. Find the short run total cost function, SRTO'(y). What are the short run xed cost, SRFC(y), and the short run variable cost, SRVC(y), functions? ii. Find the short run marginal cost function, SM C(y). iii. Find the short run average cost function, SAO'(y). What are the short run average xed cost, SAFC'Cy), and the short run average variable cost, SAVCCy), functions? iv. Find the short run marginal variable cost function, SM V0 (3;) Show that this is equal to the short run marginal cost function, 3 M C (y)
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