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Question 2: Suppose a firm has the following production function: Q(L, K) = min {K, 4L} Recall that the isocost line is as follows: C = WL+ rK 1. What is the (long-run) optimal choice of L and K for a given Q w, and /? In other words, provide a formula for the optimal choice of labor L* (w, r, Q) and capital K*(w, r, Q) as a function of the parameters Q, w, and r. 2. Given Q = 16, w = 4, and r = 1, what are the optimal levels of labor and capital, L* and K*? What is the cost of producing Q = 16 at these input prices? 3. Suppose now that you are in the short run, @ = 16, w = 4, = 1, and the capital level is fixed at K = 20. What is the optimal level of labor in the short run? What is the cost of producing Q = 16 in the short run at these input prices? Would it be possible to meet Q = 16 if K = 4 in the short run