Capital C F A E G Labor B D Qo is the output level for the isoquant shown in the graph given above. Output level Qo can be produced at points E. F, and G which are all on the same isoquant. Which one of these points is the cost minimizing point for producing output Qo? Please explain. 2. (5 points) You are a manager for Herman Miller, a major manufacturer of office furniture. You recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs. The report from these experts indicates that the relevant production function is 0=2(K)" (L) 1/2 Marginal Product of Labor ( MPL]= K 1/2 where K represents capital equipment and L is labor. Your company has already spent a total of $1 1,000 on the 5 units of capital equipment it owns. Due to current economic conditions, the company cannot increase capital and therefore capital (K) is fixed at 5 units. Workers at the firm are paid a competitive wage of $80 per day and chairs can be sold for $500 each. (a) What is the profit-maximizing level of labor usage (profit maximizing number of workers)? (b) What is the output when the profit maximizing number of workers are hired