3. (34 points) Suppose a monopolist has a production function given by Q = L12K 12. Therefore. K- 1/2 MPL = 24" , and MPK = 2K 2 The monopolist can purchase labor, L at a price w = 16, and capital, K at a price of r = 9. The demand curve facing the monopolist is P = 144 - 20. a) (8 points) What is the monopolist's total cost function? 14 = 4 /3 Q L : 3/4 Q TC = 14 ( 3/ 4 Q ) + 9 ( 41 3 6 ) = 12 Q + 12 Q TC = 241