I need some help on this review problem. If you can show me step by step how you did it. I WILL GIVE GOOD RATING, Thank you!

2. Production Functions: Let the production of the lPhone 12 be described by this production function: Q: IOCEKL Where Q is phones produced, K is capital (measured in machinehours used) and L is labor (measured in labor hours). a. Graph the Q = 2000 isoquant: Set labor to 10, 20, and 40, and find the corresponding values of K. Plot these values on your isoquant. 1). Draw short run average cost and marginal cost curves (costs on the vertical axis, q on the horizontal axis) for a firm characterized by an "efficient scale of production\" (so average total cost falls at first as output increases, and then it rises at high levels of output). Draw these curves so that the minimum average cost = $6 and is found at q=10. Label everything clearly. C. Suppose this firm faces a market price for its good of $7, and that it can sell as many units as it wishes at this price. Ed this price to your graph above, illustrate the amount of output the firm will choose to produce (not a specific value, but just a point in your graph), and identify the area on your graph that corresponds to the firm's profit at this price. (1. Redraw your graph from part (a), and now suppose the market price is 55. Again, illustrate the level of output the firm will choose and the area corresponding to the firm's loss at this price. e. Continuing with the scenario in which the price is $5: Should the firm immediately shut down production due to its short-run losses, or might it be best for the firm to continue to operate in the short run? Explain