PS5.3.4 please see all relevant information in the attached photo. I am looking for help solving problem PS5.3.4

1/1 point (graded) 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) . 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. 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) = 536 536 Submit You have used 1 of 2 attempts Save Show answer Problem PS5.3.2 1.0/L.0 point (graded) What is the optimal output level for Kendall Square, Inc in the short run? What are its profits? 104 104 Submit You have used 1 of 2 attempts Save Show answer Problem PS5.3.3 1/1 point (graded) Compute Kendall Square Inc's long-run cost function. To verify that you have the correct long-run cost function, calculate the long-run cost of producing 8 units of ramen. C(8) = 512 512 Submit You have used 2 of 2 attempts Show answer Problem PS5.3.4 1 point possible (graded) Now suppose that, in addition to its existing capital and labor Inputs, Kendall Square, Inc must hire a manager for a fixed amount of $54 in order to function properly. Suppose that all firms have the same long-run cost function as Kendall Square, Inc (they must also hire a similar manager), and the market demand is given by D (p) = 0 . Suppose there are 59 other identical firms in the market (I.e. 60 identical firms in total) and no entry or exit due to government regulation. What is the firm's profit