4. (24 pts) A competitive rm has a production function given by} 1 Q=Ll=1+T where L > 0 is the number of workers (input) used for the production. Let p be the price of the product and to be the wage per unit of labor. (a) Show that this production function is strictly monotonic and strictly,r concave for L > 0. Give an economic interpretation of these two characteristics (i_e_, monotonicitr and concavity). (8 pts) (1)) Find the protmaximizing labor demand L*(p}w) and show that labor demand is downward sloping. Is there a unique protmaximizing labor demand Dinar)? 'Why or why not? (10 pts) (c) pr = $1 and w = $0.25} nd the equation of the line tangent to the production function at the level of labor L9. (6 pts)