Question: If the production function for good X is X = K^0.3L^0.5 (Multiple choice) Long run marginal cost will increase as X increases Long run marginal

If the production function for good X is X = K^0.3L^0.5 (Multiple choice)

  1. Long run marginal cost will increase as X increases
  2. Long run marginal cost will decrease as X increases
  3. Long run marginal cost will be the same for every value of X
  4. Long run average cost will be increasing.
  5. None of the above.

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