Question: can you help me find the demand for labor function of output and provide explanation please 2. (33 points) A firm producing widgets faces the

 can you help me find the demand for labor function of

can you help me find the demand for labor function of output and provide explanation please

output and provide explanation please 2. (33 points) A firm producing widgets

2. (33 points) A firm producing widgets faces the following production function: q = kvl, (1) where k is capital and I is labor. The rental rate for capital is r = $4, and wage rate for labor is w = $16. (a) (10) In the short-run, capital is fixed at k = 4. Calculate the demand for labor as a function of output, and derive the short-run cost function of the firm. (b) (9) What is the firm's short-run average cost function? What is the firm's short-run marginal cost function? (c) (14) Graph the short-run average cost curve (SAC) and short-run marginal cost curve (SMC) for the firm. Where does the short-run marginal cost curve (SMC) intersect the short-run av- erage cost curve (SAC)? Indicate the number of quantity (q), SMC and SAC at the intersection point

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