7.8. Suppose the production of airframes is charac- terized by a CES production function: Q = L' + K The marginal products for this production function are MP, = D' + K L ' and MP = L' + K K . Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combi- nation of labor and capital for an airframe manufacturer that wants to produce 121,000 airframes. 7.9. Suppose the production of airframes is character- ized by a Cobb-Douglas production function: Q = LK. The marginal products for this production function are MP, = K and MP = L. Suppose the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital if the manufacturer wants to produce 121,000 airframes.A firm uses two inputs, capital and labor, to produce output. Its production function exhibits a diminishing marginal rate of technical substitution. a. If the price of capital and labor services both increase by the same percentage amount (e.g., 20 percent), what will happen to the cost-minimizing input quantities for a given output level? b. If the price of capital increases by 20 percent while the price of labor increases by 10 percent, what will happen to the cost-minimizing input quantities for a given output level? A firm's production function is Q = min(K, 2L), where Q is the number of units of output produced using K units of capital and L units of labor. The factor prices are w = 4 (for labor) and r = 1 (for capital). On an optimal choice diagram with L on the horizontal axis and K on the vertical axis, draw the isoquant for Q = 12, indicate the optimal choices of K and L on that isoquant, and calculate the total cost