Microeconomics study guide problem #2. Suppose that the production function for a given firm can be expressed

2. Suppose that the production function for a given firm can be expressed by Q = 2L11'2K1l'2, where L are working hours and K is the stock of capital. In the short-run, the amount of capital is xed, taking the value K = 4. a) Write down the short-run production function for this rm. b) Imagine that the hourly wage rate is equal to $5 and the rm is operating in the short-run. The following table presents the only output levels the rm will choose from. Fill the table and explain your calculations. Output Variable Cost 0) Suppose that the market price is Pa = 10. How many units should this rm at least produce? Explain. d) In the previous question, might the rm be better off by shutting down operations in the short-run? Explain why or why not