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Use the following production and cost function to answer the questions that follow: a. Assume capital...

Use the following production and cost function to answer the questions that follow:

a. Assume capital is fixed at 100 units in the short-run, how much labor is required to produce 1000 units of output?

b. How much will this amount of labor plus the 100 units of capital cost the firm in the short run?

c. What is the “cost minimizing” input requirements (of L and k) to produce 1000 units of output in the long-run?

i. Cost minimizing amount of labor:  

i. Cost minimizing amount of capital:

d. How much will this amount of capital and labor cost the firm in the long run?

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