Kendall Square Inc makes and sells ramen to the large number of students around MIT. Kendall Square Inc uses the production function F(K,L)=(K+2L)1/3. Input prices are w=2 and r=3 for labor and capital respectively. It operates in a perfectly competitive environment facing a price p=$48, and uses an initial amount of capital K^=12.

1. Compute the firm's short-run cost function. To verify that you have the correct short-run cost function, calculate the short-run cost of producing 8 units of ramen.C(8)=

2. What is the optimal output level for Kendall Square, Inc in the short run?q=

3. What are its profits?=

4.Compute Kendall Square Inc's long-run cost function.