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4) Suppose that a firm's production function is Q = L0-4K0-6. The cost of a unit of labor is $8 and the cost of a

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4) Suppose that a firm's production function is Q = L0-4K0-6. The cost of a unit of labor is $8 and the cost of a unit of capital is $12. a. Write firm's long run cost function. b. Calculate the slope of isocost line. c. Calculate marginal rate of technical substitution. d. Suppose firm decides to produce 50 units, what is the cost minimizing combination of these two resources (labor and capital)

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