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Suppose that the production function for your firm is given by: F (L,K) = L ^1/4 K ^1/2. w=2 and r=4. A. In the long‐run, how many workers and capital should you hire in order to produce Q units of output? a. L*=Q, K*=Q b. L*= Q3, K*= Q3 c. L*= Q3/4, K*= Q3/4 d. L*= Q4/3, K*= Q4/3
B. If the firm has a fixed cost of $100, what is the total cost function and the average variable cost function? a. TC= 100+6Q4/3; AVC=6Q1/3 b. TC= 100+6Q3/4; AVC=6Q3/4 c. TC= 100+6Q3; AVC=6Q2 d. TC= 100+6Q; AVC=6Q
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