Question: Questions 28-29 ; Suppose that the production function for your firm is given by F( L,K) = 2LZK2, W = $2 and r= $2 28.

Questions 28-29 ; Suppose that the production function for your firm is given by F( L,K) = 2LZK2, W = $2 and r= $2 28. In the long-run how many workers and capital should you hire in order to produce Q units of output? A. L=- K= B. L= Q K=Q C. None of the above 29. If the firm has fixed cost of $10 , what is the average total cost function . what is the variable cost ? what is the marginal cost function ? A. ATC (Q) = 10 +2Q; VC = Q : MC=1 B. ATC ( Q) = 2+ ; VC =2Q ; MC =2 C. ATC (Q) = 10 + Q; VC= 10+Q ; MC = 1 D. ATC (Q) =1+ -; VC-2Q ; MC =2 E. none of the above

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