1. For each of the following production functions {a and 1)} nd the following equations (i-iii} in terms of Q: w and 1". i) MRTSLaH ii] Long-run capital and labor demand eurve. iii] Longrun total cost curve. iv} Shortrun capital and labor demand curve if the rm is stuck with K = 4. v] Short-run total cost if the rm is stuck with K = 4. {a} o = 3Lv2Kv2 (1;) Q 2 LE + as 2. Meals must be produced with 3 chefs and 2 ovens for each meal. For example, if you have 4 chefs and 2 ovens then you can only produce one meal (and you have one extra chefs that gets wasted). Let Q be the number of meals, 0 be the number of chefs, and 0 be the number of ovens. The price of one chef is Pg and the price of one oven is Pg. (a) Determine three (0.0) points on the (1:10 iso- quant (what combinations of inputs lead to produc tion of If] meals). (1]) 1What is the long-run total cost function for pro- ducing meals, TC (Q, P5, P0)? (Hint: think of this intuitively rather than using formulas. For exam- ple. what is the cheapest way to produce one meal?I Two meals? Q meals?) {e} 'What is the production function for meals Q (C, O}? (This tells how man},r meals can he produced for each Combination of C and O)