Question: Please explain how to solve part f, g , h, i , j , k Suppose a firm's production function is q = k 0.510.5

Please explain how to solve part f, g , h, i , j , k

Please explain how to solve part f, g , h, i ,

Suppose a firm's production function is q = k 0.510.5 Suppose the capital input is fixed at k = 1 in the short run. Suppose the capital input is fixed at k = 4 in the short run. Suppose the capital input is fixed at k = 4 in the short run. (f) Write down firm's production function when k = 4. (g) Find the contingent demand for labor. That is, write I as a function of q. (h) Find the short-run cost function. You need to plug in k1 = 4. Suppose v = 1 and w = 1. (i) At these parameter values, what are the long-run const function, the short-run cost function when k = 1, and the short-run cost function when k = 4? (j) Draw the three cost functions on the same graph. (k) How are the long-run cost curve and the short-run cost curves related? (Which is larger?)

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