Question: Hi can you help me solve this (show all steps if possible) 2. Consider a rm with the technology f (K, L) = K iLi

Hi can you help me solve this (show all steps if possible)

Hi can you help me solve this (show all steps if possible)

2. Consider a rm with the technology f (K, L) = K iLi Suppose the capital is stuck with 16 units of capital in the short-run. Suppose that the wage rate (w) is $4 and the rental rate (r) is $8. (a) (1 point) What is the rm's marginal product of labor? (b) (2 points ) What is the short-run cost function? (c) (2 points) Draw the rm's average variable cost and marginal cost curves. (Make sure to label the axes, intercepts, slopes, ...etc.) Now assume that the rm is operating in the long run. ((1) (4 points) Derive the rm's long-run cost function. (e) (2.5 points) Draw the rms' supply curve. Make sure to label the axes

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