1) A firm’s prod… Show more Also, need help with this one. How do you solve this? Explain how to do it please. 1) A firm’s production is given by q=2 sqrt(KL). In the short run K is fixed at 100 units, so the short-run production function is calculated by plugging K=100 into the production function. This yiea;ds the short-run production function q=20sqrt(L). Given that the wage rate for L (w) is w=$4. The short-run total cost function (STC) can be calculated by the following process. STC=4L Rearranging the short-run production function yields L=q^2/400 Substituting this new form of the short-run production function into STC yields STC=q^2/100 The short-run average cost function (SAC) can be calculated by dividing STC by q, so SAC=q/100 The short-run marginal cost function (SMC) can be calculated by taking a derivative of STC with respect to q, so MTC=q/50 Answer the following: • Show less