Question: Suppose a firm has a production function given by Q = L1/2K1/2. Therefore, MP, = Ki and MPK = Li 2K 2 The firm can

Suppose a firm has a production function given by Q = L1/2K1/2. Therefore, MP, = Ki and MPK = Li 2K 2 The firm can purchase labor, L, at a price w = 18 and capital, K, at a price of r = 32. a. If the firm wants to produce 60 units of output (Q=60), how much labor and capital should the firm hire in order to minimize the cost of production? b. What is the firm's Total Cost function, TC(Q)? c. What is the firm's marginal cost of production

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