Suppose that a firm's fixed proportion production function is given by q= min(5k, 10L) a.Calculate the firm's long-run total, average, and marginal cost functions. b. Suppose that k is fixed at 10 in the short run. Calculate the firm's short-run total, average, and marginal cost functions. c. Suppose v= 1 and w= 3. Calculate this firm's long-run and short-run average and marginal cost curves.

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A: answer to the question is as follows :

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A:

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A:

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Q: 3. A firm’s production function is q = 8K.25L.75 MPL = 6 K.25L-.25 MPK = 2 K-.75L.75 a. Determine…

A:

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