My example info is as follows: Utility function: Q=L+KWage=1Rental rate=2 Target output=100Feel free to make your own example, following Cobb-Douglas or Perfect Substitutes. Thank you.

.am questions. This assignment asks you to create one original cost minimization short anSWer question and en provide a solution (with an explanation and the work to solve it). We only covered cost minimization for ebbDouglas and Perfect Substitutes in class, so I expect you will choose one of those two production mctions, at you can choose a different one if you would like. anmple & rm has a production function of the following form, [insert utility function], using labor (L) and capital (K) as nputs. The wage is equal to [insert wage value] and the rental rate of capital is equal to [insert rental rate of :apital value]. The rm has a target output equal to [insert target output value]. a) Calculate the rm's long-run optimal inputs. b) Graph the optimal inputs, including the isocost curve and isoquant associated with the optimal inputs. c) Now imagine that it is the short run and the firm's capital is xed at [insert value]. Recalculate the optimal inputs for the short run. d) Draw the short-run optimal inputs and the associated isocost curve on the graph that you drew in part (1)). Be sure that you clearly label the shortrun and the long-run solution