A competitive rm received an order to produce Q units. The production process takes labor L and \"equipment\" K as inputs and is described as follows: Q =ALC'KIO' . where parameter A > 0. The rm wants to optimally choose how many workers to hire at wage w and how many units of equipment to rent at rental rate r to meet this quota. (a) Set up a cost minimization problem. (b) Derive the expressions for the optimal L and K. (c) An engineer offers a chance to upgrade the production process, which would increase the value of A by 10%. What is the maximum price the rm will pay for the upgrade