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  3. a firm has a production function of q=2kl+k, where

A firm has a production function of Q=2KL+K, where the marginal product of labor is...

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A firm has a production function of Q=2KL+K, where the marginal product of labor is MPL=2K and the marginal product of capital is MPK=2L+1. The wage rate (W) is $10 per worker and the rental price (R) is $40 per unit of capital. Hint: If you hove to solve a quodratic equation, type it into a google search and google will solve it for you. A. In the short-run, capital ( K ) is fixed at 20. Find the minimum total cost of production in the short run if the firm produces 200 units of output. B. Find the minimum total cost of production in the long run if the firm produces 200 units of output. C. Suppose that the rental rate falls to \$10. Does this effect the amount of labor you hire in the short-run? What about in the long-run? A complete answer will find the total cost of production in both the short-and long-run. It will be easier if you do not round your answer at any point in solving this

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