Suppose that a firm’s fixed proportion production function is given by q = min(5k,10l)
A) Calculate the firm’s long-run total, average, and marginal cost functions
B) Suppose that k is fixed at 10 in the short run. Calculate the firm’s short-run total, average and marginal cost functions.
C) Suppose v = 1 and w = 3. Calculate the firm’s long-run and short-run average and marginal cost curves.