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Suppose that a firm's production function is Q = 10L1/2K1/2. The cost of a unit of...

Suppose that a firm's production function is Q = 10L1/2K1/2. The cost of a unit of labor (i.e. the wage) is $20 and the cost of a unit of capital is $80.

a. What are the cost minimizing levels of capital and labor if the firm wishes to produce 140 units of output?

b. Illustrate your answer for part (a) on a well-labeled diagram that shows the firm's production isoquant and isocost equation.

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