# Question three An enterprising entrepreneur produces widgets and has a production function given by q=sq root…

Question three An enterprising entrepreneur produces widgets and

has a production function given by q=sq root lk In particular,

factory has k =25, where. Rental rates for k and l are given by w

=v = $1. a. If the entrepreneur wishes to minimize short-run total

costs of widget production, how much output be produced? b. Given

that output is optimally allocated, calculate the short-run total,

average, and marginal cost curves. What is the marginal cost of the

100th widget? The 125th widget? The 200th widget? c. Calculate the

long-run total, average, and marginal cost curves for widget

production. d. what returns to scale does it exhibit?