Solved: What must its long-run total cost curve look like, Microeconomics

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What must its long-run total cost curve look like

Problem

Suppose that a firm has the following Cobb?- Douglas production function: Q = 12K^0.75L^0.25 .

a. What must its long-run total cost curve look like? Its long-run average total cost curve?

b. How do your answers to part (a) change if the firm's production function is Q = KL?

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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