1. The expansion path of a firm gives five different quantities of output such as 10,20,30,40 and 50 units; and the price of labor is $25 and the price of capital is $100 per unit. The table shows the long-run costs of the firm at given quantities of output. Q 10 20 30 40 50 L 64 120 200 288 440 a. K 20 40 58 80 90 LTC(S) 3600 7000 10800 15200 20000 LAC( S) 360 350 360 380 400 LMC ($) 360 340 380 440 480 With the help of graph, analyze the properties of LAC and LMC (7 marks) b. Interpret and evaluate the numerical and graphical data and illustrate the relationship between LAC and LMC (6 marks)