q let a firms production function be given by k03, Cost Accounting

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q let a firms production function be given by k03

Q. Let a firm's production function be given by K^0.3 L^0.7. (i) Sketch (without specific numbers) the shape of the long run average and long-run marginal cost curves of the firm; (ii) in the same graph, please also sketch the firm's short run average and marginal cost curves (when the amount of capital is fixed). Comment on the relationship between the long- and the short-run curves.

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Cost Accounting: q let a firms production function be given by k03

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