Question: 9. A firm has production function q = KO'SLO'S. The wage and rental rates are both 20. a. The firm currently has 'lOO units of

9. A firm has production function q = KO'SLO'S. The wage and rental rates are both 20. a. The firm currently has 'lOO units of capital. Write an expression for its short run total cost (SRTC) as a function of L. b. Derive the firm's SRTC, MC, AVG, and ATC as a function of output, q. c. In the long run, the firm can vary the level of capital. Write an expression (but do not solve yet) for the firm's long run cost minimization problem. d. Derive the firm's long run total cost function: TC(q)

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