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QUESTION 1 (24 MARKS) Consider a Cobb-Douglas production function Q = L'K where e, f>0 and the cost function C = gl + pK where g. p>0 of a firm. Write the firm's profit as a function of two endogenous variables Land K. (2 marks) Derive the first-order conditions for a maximum profit. (4 marks) What is the value of marginal product of both Land K? (2 marks) iv. With reference to your answer in ill. explain its meaning. (5 marks) V. Let e=f, then derive the Hessian for the firm's profit maximisation problem. (5 marks) vi. Show that the Hessian is negative definite. (6 marks)