Question: Suppose that a firm's fixed proportion production function is given and rental rate of capital (r) and labor (w). Calculate the firm's long run total,

Suppose that a firm's fixed proportion production function is given and rental rate of capital

(r) and labor (w). Calculate the firm's long run total, average and marginal cost curves q=

min (0.5 k, 0.25L) where r=20 and w=10.

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