A firm's production function is /(K, L) = 4KL. Input prices are / and w. In the long run both inputs are flexible. In the short run, capital is fixed at K = K. a. Derive the firm's long-run cost function CLR(r, w, q). b. Now derive the firm's short-run cost function CSR(r, w, q). c. Compare the short-run and long-run total cost functions on a diagram for the case where K = 10, r = 3 and w = 12. Explain the logic of how CLR(q ) and CSR(q ) relate to each other. (Is one curve higher or lower than the other, and if so, why? And are there quantities at which total cost is the same in the short run and long run?)