A firm producing hockey sticks has a production function given by Y= \(2\sqrt{KL}\) in the short-run, the firm's amount of capital equipment is fixed at K = 100. The rental-rate of capital is $1, and the wage rate is $4.
(a) Derive the firm's short-run total cost function in terms of output.
(b) Calculate the firm's short-run average cost function (SRATC).
(c) Calculate the firm's short-run marginal cost function (SRMC).
(d) Graph the firm's SRATC and SRMC curve.
(e) Derive the firm's long-run total cost function in terms of output.