Question: 3 points ) What is the short run cost function? Show the quantity the firm would want to produce the same as in part (

3 points) What is the short run cost function? Show the quantity the firm would want to produce the same as in part (a).
(c)(3 points) Suppose a manager finds a new management technique that would produce output using the following production function:
q~(K,L)=20(K+L)
Is the firm better off or worse off switching to the new management technique? (\textit{hint}: Compare short run profits.)
(d)(6 points) In the long run both capital and labour can be adjusted. Assuming the firm is producing q=300 using the new technique (i.e. q~), what is the optimal amount of capital and labour hired? Does the firm make a profit here? How does profit compare with part (c)?
(e)(2 points) Find the long run cost curve for q~.

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