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Derive the long-run cost function assuming that the production function s given by q = K+L?

Derive the long-run cost function assuming that the production function s given by q = K+L?

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Answer- As per the production function labor and capita are perfect substitutes which means input can be exchanged at a constant rate then Iso-quant will be straight line. This is because in that case MRTS will remain constant .Production function is expressed as q = K+L
MRTS can be defined as the amount of capital input that has to be given up to use an additional unit of labor so that output remains constant. MRTS = (MPL / MPK )

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