Suppose in Jack’s production function, capital and labor are perfectly substitutable such that q = K...

Suppose in Jack’s production function, capital and labor are perfectly substitutable such that q = K + L. Assuming, as we have all term, that the wage rate is w and r is the rental rate of capital, find Jack’s long-run total cost function representing Jacks’ total costs in terms of output, TC(q) = C(q)

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Rahul Sunny answered 2 weeks ago

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