A glass manufacturer's production function is q=10(L^.5)(K^.5) Suppose that its wage, w, is $1 per hour and the rental cost of capital, r, is $4.
a. Draw an accurate figure showing how the glass firm minimizes its cost of production
b. What is the equation of the long run expansion path for a glass firm? Illustrate in a graph
c. Derive the long-run total cost curve equation as a function of q.