Question 1 Suppose a firm seeks to minimize the cost of producing 434 units of output (Q = 434), given the production function, Q = 10K 0.7 10.1, and the user cost of capital and labour are 28 rands and 10 rands respectively. a) Use Langrange method to find the cost-minimising combination of capital (K) and labour (L) for producing an output of 434 units. (18) b) Determine the long run marginal cost of output. Hint: find lambda. (5) c) Determine the minimum cost. Total 25 marks (2)