(c) Suppose you manage a firm with the production function Q = F(K, L) = 4K + 8L, and you are able to hirelabor at $40 per hour and your rental rate on capital is $30 per hour. Show your steps and calculationsto determine the cost-minimizing capital (K) and labor (L) combination to produce 40 units of output (Q).(d) Provide a graphical illustration (manually drawn graph) to justify your answer in (c).(25 Points)2. Suppose that you are the manager of Albany Blenders, Inc., a manufacturer of high-tech blenders, and youbelieve your production process is approximated by Cobb-Douglass production function, Q=akL, where Qis your firm's output, K is capital, and L is labor. You have carefully collected data on your firm's output,capital, and labor as provided on the attached Excel Spreadsheet in GaView.With Microsoft Excel, use the data provided to estimate Cobb-Douglas production function of yourfirm. Upload an Excel file containing the Excel Worksheet of your estimated production function and,with your regression analysis, write the equation of your estimated Cobb-Douglas production function.b. With your Excel Worksheet (regression analysis results), show your steps and calculations todetermine the cost-minimizing combination of labor and capital for producing 4,000 units of output iflabor costs $75 per unit and capital costs $125 per unit.Graphically illustrate and carefully discuss the relationships among marginal cost, average variablecost, average total cost and average fixed cost, when a firm could produce any level of output.

labor costs $75 per unit and capital costs $125 per unit. c. Graphically illustrate and carefully discuss the relationships among marginal cost, average variable cost, average total 99st and average xed cost, when a rm could produce any level of output. [5 Points) Suppose a rm's multiproduct cost function is gen, (12) = 65 - 0.50.10; + 0.36112 + 0.4022, and management