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= 4 and r = 1. Let's assume that in the short run the capital is fixed at K = 4. Derive the short run

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= 4 and r = 1. Let's assume that in the short run the capital is fixed at K = 4. Derive the short run and the long run cost function for this firm. b What are the short run MC, VC and TC functions. C What is the firm's short run supply curve? (hint: it will be the portion of MC above minimum AVC)

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