(25 Points) 1. (a) Clearly state and explain the condition for cost-minimizing use of labor and capital in a production process, where labor and capital are variable inputs. (b) Graphically illustrate (manually drawn graph) and explain why the stated condition in (a) is true. Abiodun Ojemakinde, PhD Econ 6106 Chap 5 Hw (c) Suppose you manage a firm with the production function Q = F(K, L) = 4K + 8L, and you are able to hire labor at $40 per hour and your rental rate on capital is $30 per hour. Show your steps and calculations to determine the cost-minimizing capital (K) and labor (L) combination to produce 40 units of output (Q). (d) Provide a graphical illustration (manually drawn graph) to justify your answer in (c). (25 Points)