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3. Suppose a monopolist has a production function given by Q = L12K1/2. Therefore, MPL 21 1/2 , and MPK = L1/2 21-1/2 The monopolist

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3. Suppose a monopolist has a production function given by Q = L12K1/2. Therefore, MPL 21 1/2 , and MPK = L1/2 21-1/2 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 = 360 - 20. a) What is the monopolist's total cost function

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