Consider a price-taking firm whose production function is given by q = 3 L1/5 K1/9 where  L and K denote respectively the amount of labour and capital the firm uses to produce q units of output. Suppose the price of labour is w = 16, the price of capital is 24 and the price of the firm's output is p=225 . Find the firm's cost function. Then enter below the value of the firm's average cost at the point where q = 100.

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Q: Consider a price-taking firm whose production function is given by q=3 (L-9) 1/5 (K-5) 1/9 where L…

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