oduction Function 1 Monopoly with a production function A monopolist has marginal revenue equal to 700-4Q and a production function of Q = L.25 K.25. The monopolist has $10 of fixed costs, the price of labor is $8 and the price of capital is $12. a) for this monopoly, sketch the isoquant and isocost for producing 5 units of output. b) what price does the monopolist charge and what quantity does it produce