Derive its long-run total cost curve in terms of input price, Microeconomics

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Derive its long-run total cost curve in terms of input price

Problem

A packaging firm relies on the production function Q = KL+ K, with MP_L = K and MP_K = L +1. Assume that the firm's optimal input combination is interior (it uses positive amounts of both inputs). Derive its long-run total cost curve in terms of the input prices, w and r. Verify that if the input prices double, then total cost doubles as well.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Derive its long-run total cost curve in terms of input price

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