2. A firm has production function 0 f (1, k) = if k 1 (a) Sketch a couple of isoquants for this production function. Hint: Mark out the regions & 1 in the diagram. Then check where 1 =k - 1 and consider whether the isoquants might be L-shaped. (b) Find the cost function C(w, v. q). Hint: Use the isoquant map to find a relationship between / and k. Then take this relationship to the constraint, f(1, k) = q. The correct answer here is a piecewise function (and this is actually very important!). (c) Set w = v = 1 and find the average cost function AC(w, v, q) and the marginal cost function MC(w, v, q). (d) Set w = v = 1 and find the efficient scale (the minimum of the average cost function). (e) Set w = v = 1 and plot AC(w, v, q) and MC(w, v, q) (with q on the horizontal axis). Approximate plots that are qualitatively correct will do! (f) Briefly interpret the nature of this production function and associated cost func- tion in words