2.For the production function, U=50K^0.7L^0.3and where the wage rate = 10 and capital rental rate = 20 . The desired output quantity is 440.96. Please answer the following

a.Graph the isoquant curve for the firm. your graph needs to be accurate and to scale, the solution for equilibrium will be by reading values from your graphs.

b.On the same graph as above, graph the isocost line and write the equation for it and determine the total cost of production.

c.On the graph identify the optimal level capital and labor to be used.

d.Determine marginal product of labor based on answer in c.

e.Determine the marginal product of capital based on the answer from c

f.Calculate and show your work for marginal rate of technical substitution based on the answers obtained from question c. Derive an equation for the MRTS in terms of K and L.