Question: 0.75 0.25 1) A monopoly's production function is Cobb-Douglas, Q = L K , where L is labor and K is capital. The demand function

0.75 0.25 1) A monopoly's production function is Cobb-Douglas, Q = L K , where L is labor and K is capital. The demand function is P = 50 Q. The wage, w, is $1 per hour, and the rental cost of capital, r, is $2. a. Derive the longrun total cost curve equation as a function of Q. b. What quantity maximizes this firm's profit? c. Find the optimal input combination that produces the profit-maximizing quantity

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