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Question 1: Suppose that: A firm's long run production function involves two inputs, labour (L) and capital (K) which are perfect substitutes of each other. You are informed that an input bundle involving only 25 units of capital and no labour is able to produce an output of 200 units. You are also told that an input bundle involving only 50 units of labour and no capital is able to produce 500 units of output. Based on this, answer the following questions: Work out the firm's production function given the information above and show your working. Suppose you are told that labour is twice as expensive as capital to hire and labour is kept on the horizontal axis while capital is kept on the vertical axis. What will be the absolute gradient of the isocost family? Using the production function in part (i), determine the absolute gradient of an isoquant