QUESTION 2 (25 points): In drawing graphs, do not forget to mark the intercepts and label the axes. Show all your calculations explicitly. Consider a firm which uses two inputs, labor (L.) and machinery (M). The firm's production function is given by f(L,M) L+2M 3. (6 points) Draw the firm's isoquant curves for output levels ofy - 12 and y-20. I b. (10 points) Now suppose that the input prices are given by w 1 and wm=3. Suppose that the firm wants to produce 20 units of output. Show graphically the firm's cost minimizing choice of inputs by drawing a graph of the isoquant curve and isocost curves. Explain briefly your