(c) (5 points) Draw to scale the isoquant ( = 120. K 12 11 10 9 8 WA N 0 2 3 4 5 8 9 10 11 12 L 5. (5 points) For a firm, is short-run cost lower than, the same as, or higher than long-run cost to produce a given level of output? Explain why.4. Dan needs to hire workers and use oven hours to cook and serve pizza. The production function is F(L, K) =60vZVK, where L is the hour of labor input and K is the hour of oven usage. Note that the marginal product of labor is 30v X/vZ and the marginal product of capital is 30vZ/vX. Suppose the cost of labor is given to be $40 per hour and the cost of capital is $10 per hour. In the long run, all inputs are adjustable. (a) (5 points) What are the two conditions the least costly input combination to produce 120 pizzas should satisfy? Write out the two equations. (b) (5 points) What is the least costly input combination to produce 120 pizzas