Question: jeff makes coffee tables in his workshop, and while he is great at woodworking, he needs some help figuring out his finances and how much

jeff makes coffee tables in his workshop, and while he is great at woodworking, he needs some help figuring out his finances and how much time he should devote to this side hustle. After a lot of trial and error, Jeff's best estimate is that his production function is f (K, L) = 5√K + 3√L. Jeff pays r = 100 for each unit of capital, and has an opportunity cost of w = 25 for each hour of labor he supplies. (a) Using the Lagrangian, solve for Jeff's long-run total cost function. (b) What is Jeff's long-run average total cost function? What is his long-run marginal cost function?

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