This question also considers the problem faced by a firm who produces output by hiring workers and renting machines. As in the previous question, denote the number of hours of work by workers as L, the number of hours of machine rental K. If the wage rate (i.e. what the firm pays its workers per hour) is 20, and the rental rate of capital is 100. (a) Calculate the cost of hiring the following combinations of {L, K} = {10, 0}, {5, 1}, {0, 2}. (b) Calculate the cost of hiring the following combinations of {L, K} = {20, 0}, {10, 2}, {0, 4}. (c) In a graph with K on the vertical axis and L on the horizontal axis, plot the three combinations of {K, L} from part (a). Join the dots. (d) In a graph with K on the vertical axis and L on the horizontal axis, plot the three combinations of {K, L} from part (b). Join the dots. 2Note, ln 2.7 = 1, ln 7.4 = 2, ln 20.1 = 3 3Note, ln 4.5 = 1.5, ln 12.2 = 2.5, ln 33.1 = 3.5 2 (e) What do the lines that you have drawn represent? (explain