Problem 2 i i Consider production function f (m1, 1:2) = Safe; 1. Find the following functions: (a) Long-run cost function (by solving the cost minimization problem) (b) Long-run average (total) cost (c) Long-run variable cost (d) Longrun average variable cost (e) Long-run xed cost (f) Longrun average xed cost (g) Long-run marginal cost For the remainder of the problem1 x the prices of the two factors of production at 101 = 11.32 = 1. 2. Plot the functions you found in question 1. You need to plot them on two graphs: one for all the \"average cost" functions and the marginal cost function, and the other one for all other cost functions. 3. Let the level of production in the long run he y = 6. Suppose that only factor of production 1 can be changed in the short run. Find the following functions: (a) Short-run cost function (b Short-run average cost (c Shortrun variable cost (e Short-run fixed cost ) i (d) Short-run average variable cost ) [f] Short-run average xed cost J (g Short-run marginal cost 4. After solving the previous problem, do the same exercise for long run level of pro duction y = 4