) Suppose we have the following production function: Q=K2/312/3. Does the technology have onstant returns to scale (CRS)? If not, what? Show your work and explain what it means. ) What is the firm's cost minimi on problem in the long-run? Explain and illustrate in a figure sing isocost and isoquants how termine optimal inputs K and L. ← ) Now, consider the short-run where K is fixed at 8 (so that K²/3 = 4). Let r = $20 and w = $10. Show en discuss how short-run average costs change as O rises. You can use math or a table/figure to do

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.