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What is the short-run total cost function

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Reference no: EM132357302

Say that wage = 1 and price of capital r = 4. The total costs C of a firm is: C = 4K + L. Say the production function is y = 2K0.5L0.5 and that we are in the short-run where K is fixed at K = 16.

What is the short-run total cost function C (i.e., total cost as a function of y)?

Please get the equation for short-run average costs

Pretty please get the equation for the short-run marginal costs

Please get the equation for the short-run average fixed costs

Please get the equation for the short-run average variable costs

Please graph all four of the cost curves obtained on one graph.

Reference no: EM132357302

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