The short run is defined as the period of time in which at least one factor of production is fixed. Assume a generic production function Q = f(K,L) where capital is currently fixed. In words, describe the steps one would take to derive the short run total cost curve for a firm. With only the information given in the problem, do we know if the short run average total cost curve eventually rises? If so, why? If not, why not? b. In the long run, all factors of production are variable. Assume a generic production function Q = f(K,L). In words, describe the steps one would take to derive the long run total cost curve for a firm. With only the information given in the problem, do we know if the long run average cost curve eventually rises? Is so, why? If not, why not?