Cost Functions: Assume land, L, is fixed at 1 in the short run but labor N is variable. Assume wage is W = 10 and the rental of land is R = 3. For the production function we have Q = L^1/3 N^2/3 (a) Find the short run total cost function. (b) Find the short run average total cost function and the short run average variable cost function. (c) Find the short run marginal cost function. (d) What is the minimum price at which the firm would stay in the market in the short run? Explain. (e) Plot the marginal, average total and average variable cost functions. (f) Now assume land can be adjusted as well, or we are in the long run where both factors are variable. Find the long run total, marginal, and average cost functions. (g) Plot the short run total average cost and long run average cost functions together, and then find out at which quantity they are equal.