Suppo a Cobb-Douglas prolctionfunction to produe beer is giva by. = I _ 52 L K . Assume that the fitm ' s capital is fix edat K=IDO units in the shott tun, the rental ofa unit of capital is Sg and the wage rate is 1.1. 12. 1.3. 1.4. IS 1.6. 1.7. is the fixed cost in the shott tun? Find the ex pression for the average fix ed (2 marks) Find the short-tun prolction function. (2 marks) Write m expressicm showing the line: (2 maro Write m expressicm for the vatiaHe cost as a function of produced (Q). (2 marks) Write m ex pression for the average variable cost and the marginal cost as functions of quanfity produced (2 marks) Write m expressicm for total cost and average total cost as a fumtion ofQ: (2 marks) In the long tun, what are the quanfities of capital andlabour needed to produce 100 units of output? (2 marks)