A firm producing hockey sticks has a production function given by Q=2vKL. In the short run, the firm's amount of capital equipment is fixed at K = 100. The rental rate for K is v = $1, and the wage rate for Lis w = $4. If the firm's short run marginal cost is = q/50, (A) what are the STC, SAC, and SMC for the firm if it produces 25 hockey sticks? 1. STC : 2. SAC: 3. SMC: (B) what are the STC, SAC, and SMC for the firm if it produces 200 hockey sticks? 1. STC : 2. SAC: 3. SMC:Concentrate on the following production function: Q = 10KL K +L Suppose w = Php 1, r = Php 4, and K = 4 units in the short run. Determine which of the functions best define/describe the following short-run concepts: Short-run Total Cost (SRTC), Short-run Average Total Cost (SRATC), Short-run Variable Cost (SRVC), Short-run Average Variable Cost (SRAVC), and, Short-run Marginal Cost (SRMC). (Only answer in abbr. example, SRATC or SRMC). 40 1. 40-Q 4Q 2. 70-Q + 16 16 3. 4 40-Q Q 160 4. (40-Q)2Imagine that the production function for tuna cans is given by Q = 6K + 4L where, q = output of tuna cans per hour, K = Capital input per hour, and L = Labor input per hour. What is the rate of technical substitution of this production function (in decimal form, two places): Answer:The production function Q= KaL where 0 1, a doubling of K and L will more than double