Course: Microeconomics - Cost and Production A firm produces shoes using L (labor) and machines (K). Its production func

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Course: Microeconomics - Cost and
Production
A firm produces shoes using L (labor) and machines (K). Its
production function is Q =
K1/3 L2/3.
Assuming K fixed at 8, price of capital (r) is
$4 and wage(w) is $2, find and
plot the short-run cost curves.
Also show that CMeT (AMC) reaches its value at the level of
production where it equals Marginal Cost (MC). And show that CMeT
(AMC) is ALWAYS decreasing at the beginning due to fixed
cost.
Demonstrations should use the necessary
calculations.