A Chinese high technology manufacturing firm has a production function of q=12L0.20 0.80 (based on Zhang, et al., 2012). It faces prices of w = $2 and r= $8. What are its short-run average variable and marginal cost curves? Let K be fixed in the short run. The firm's short-run average variable cost curve, AVC, as a function of K and q is AVC = $. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) The firm's marginal cost curve, MC, as a function of K and q is MC = $. (Properly format your expression using the tools in the palette.)

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