Part I Problem Solving (36 points; 12 points each) 1. Refer to the graph with equal-cost lines and an equal-product curve for a firm below (12 points; 3 points each). (1) Which point represents the least cost condition for the firm? Choose from A, B, C, and D. The point that represents the least cost condition is: _______________ (Fill in A, B, C, or D) (2) What is the level of output at the point that represents the least cost condition? The quantity of output at that point is: __________________ (Instruction: Your answer should be an integer) (3) What is the total production cost at the point that represents the least cost condition? The total production cost at that point is: $____________________ (Instruction: Your answer should be an integer) (4) At the point that represents the least cost condition, what is the Land Labor MP MP ratio? The Land Labor MP MP ratio at that point is: ____________________________ (Instruction: Round your answer to one decimal place; No fractions)