A Firm Produces According To The Production Function

A firm produces according to the production function Q=L^0. 7 K^0. 3. Pl= $7 and Pk= $3. The firm faces demand Q=3600-200P in the long run. 1. Determine the least cost relationship between L and K in the long runa. K=Lb. K= 0. 18LC. K= 5. 44LD. K= 2. 1L2. Determine L and K to produce 1,000 units of Q in the least cost. A. L=700, K=300B. L=300, K=700C. L= 1000, K= 1000D. L=500, K=5003. Determine the long run cost function for the firm. A. c=12. 59qB. c=13. 99qC. c=10qD. c=15q4. Which of the following statements is correct?A. The firms production exhibits constant returns to scale. B. The firms productions exhibits increasing returns to scale. C. The firms production exhibits decreasing returns to scale. D. The firms production exhibits first increasing returns to scale and the decreasing returns to scale.