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Question 1 [20 marks] Explain mathematically the following statement: "Cost minimization does not necessarily imply profit maximization," using the following information. * Constrained-cost minimization problem The objective function is Total Cost - TC = wXL+rxK and the constraint is f ( L, K) = Q* - Prescribed output level Profit maximization problem Maximize{II = II(L, K)} where: Total Profit - II = II(L, K) = TR - TC Total Revenue - TR = P x Q, Q = f(L, K) - Production function Total Cost - TC = wXL+rxK Please note: Precision in your answers is required to receive full marks