Suppose that the production function is 2 = JI'K The output price is P = 1 The input prices (wages and rental rates ) are w= 1, c: 1 The level of capital K is fixed at K = 1 in the short run a ) Given the production function, derive the first-order condition of the Short - run profit maximization problem. b) Fixing the Profit 7 derive the equation of the ( Short run) isuprofit lines. () In a graph illustrate the tangency condition of the short-run profit maximization Indicate the slope of the isoprofit line you draw, and the optimal level of L