Owusu is a limousine driver in Australia. Each day, when driving L hours Owusu can complete q = 8 rides (this is Owusus production function). The price per ride is P = 18 GHS and Owusus opportunity cost of time is w = 24 GHS (treat this as if it was the wage rate). Owusu does not own a car and he must rent the vehicle from an acquaintance. Currently, Owusu is paying the acquaintance one third of his revenue. a) Write the expression for Owusus revenue as a function of L, the number of hours he drives. b) Write the expression for Owusus total economic cost as a function of L, the number of hours he drives. Keep in mind that Owusu incurs an explicit cost, the money he pays to his acquaintance to rent the car, and an implicit cost, the opportunity cost of his own time. c) Keeping in mind that Owusus economic profit = revenue total economic cost, write the expression for Owusus economic profit as a function of L. d) Find Owusus profit maximizing number of hours worked L*. e) In a diagram, measuring hours of driving along the horizontal axis and the number of rides along the vertical axis, draw Owusus production function. f) In the same diagram, add an isoprofit line to illustrate Owusus profit maximizing number of hours L*. g) Under the current agreement, how much money is Owusu paying to his acquaintance to rent his vehicle? One day, Owusus acquaintance suggests to change their agreement. From that day onward, he wants Owusu to pay him a flat daily rent of 110 GHS. h) Under this new agreement, what is the expression for Owusus profit function? i) How does the new agreement affect the slope of Owusus isoprofit lines? How does it affect the number of hours that Owusus wants to spend driving each day? j) Does the new agreement raise or lower Owusus profit?