Question: Touchie publishes comic books. The only inputs he needs are old jokes and cartoonists. His production function is Q = 0 . 1 J 1

Touchie publishes comic books. The only inputs he needs are old jokes and cartoonists. His production function is Q =0.1J 1/2L 3/4, where J is the number of old jokes used, L the number of hours of cartoonists labor used as inputs, and Q is the number of comic books produced. Assume that old jokes can be purchased for $1 each and that the wage rate of cartoonists labor is $2.(a) Suppose that in the short run, Touchie is stuck with exactly 100 old jokes (for which he paid $1 each) but is able to hire as much labor as he wishes. Write down Touchies short-run total cost as a function of his output. (b) What is his short-run marginal cost function? (c) What is his short-run average cost function?

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