1. (20 points) Suppose a firm has a production function given by Q = L'-K 2. Therefore, K1/2 [1/2 MP= 2[1/2 . and MPk = 2 K 1/2 The firm can purchase labor, L at a price w = 2, and capital, K at a price of r = 8. (8 points) What is the firm's total cost function? TC = 8Q Slope of Isoquant = Slope of Isocost (2 points) L* = 2Q (2 points) K* = Q/2 (2 points) . TC = 80 (2 points)b) For this problem, you will sketch the graph of the firm's isoquant for Q@ = 10 units of output, and on the same graph sketch the firm's isocost line associated with the total cost of producing Q = 10 units of output. To get this total cost, you must use the Total Cost function from part a). Please scale your graph up to 50 vunits of Labor on the horizontal axis, and 50 units of Capital on the vertical axis (do not go above 50 units on either axis). For the isocost line, clearly identify the vertical and horizontal intercepts. For the isoquant, clearly identify 4 combinations of Labor and Capital that will produce () = 10 (including the bundle that minimizes the firm's cost of production). Make sure your graph is neatly and accurately drawn and carefully labeled