Question: Suppose a firm's production function is given by Q = L 1/2 *K 1/2 . The Marginal Product of Labor and the Marginal Product of

Suppose a firm's production function is given by Q = L^1/2*K^1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by:

MP_L=, and MP_K=.

If the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output Q = 18?

What is the firm's Total Cost function TC(Q)?

What is the firm's marginal cost of production?

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