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Consider a firm with the production function f(L,K)=L1/2K2 Suppose the firm is in the short run...

Consider a firm with the production function f(L,K)=L1/2K2 Suppose the firm is in the short run and has a level of capital K = 1. If the cost of labor is w=2 and the cost of capital is r=2, derive the a) TVC, b) TFC, c) TC, d) MC, e) ATC, f) AVC, ) AFC. Draw these curves in a relevant set of well-labelled diagrams. Repeat the exercise if the firm was in the short run with a capital level of K=4

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