Question: Show work please a)(6 marks) Suppose a firm has the following production technology, q = 2min(L, K]. The price of labour is $10 and the

Show work please

a)(6 marks) Suppose a firm has the following production technology, q = 2min(L, K]. The price of labour is $10 and the price of capital is $5 (L is the x axis input). The firm wants to produce 30 units of output. (i) How much labour and capital will the firm use? What are the total costs of producing 30 units of output? Explain your answer in the myls box. Support your answer using math and an appropriate graph on your paper. (ii) Suppose the price of labour falls to $5. How much labour and capital will the firm use now to produce 30 units of output? What happens to the total costs of producing 30 units of output? Explain your answer in the myls box. Support your answer using math and an appropriate graph on your paper. b) (6 marks) Suppose a firm competes in a perfectly competitive market and has the following cost curves: SVC - 20g + g + 100 and FC = 21. (i) On your paper, derive an expression for the firm's short run supply curve. (ii) Suppose the market price is $42. On your paper, find the firm's profit maximizing level of output in the short run and calculate the firm's profits? Enter your answers into the myls box

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