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1) Cobb-Douglas production function Consider the following Cobb-Douglas production function: Y = 101.0'4 K 0'4. Suppose that the price of labor is w = 20 and the price of capital if r = 40. a- Derive the total cost curve for this production function. b- Derive the marginal cost curve for this production function. 0- Plot the marginal and total cost curves for q = 1,2,3,4,5. What does it tell you about economies of scale for the production function? d- Suppose that the wage rate went up from 20 to 30. What would happen to the total WI\" ? What would happen to total costs? WL+TK wage bill relative to total costs