Problem 1 A firm employs capital (K) and labor (L) to produce output. Each unit of output (Q) requires exactly 1 units of labor and 2 units of capital to produce. (a) Draw an isoquant corresponding to the production of 5 units of output. Draw an isoquant corresponding to the production of 10 units of output. Place Labor on the horizontal axis. (b) Write down a production function for Q. What kind of returns to scale does this pro duction function have? (c) Suppose each unit of labor costs $2 and each unit of capital costs $4. Draw an isocost line for combinations of inputs costing $50. (d) What is the least-cost combination of inputs to produce 5 units of output? Assume the prices of the inputs to be same as in the previous part. (e) Suppose each unit of labor costs $1 and each unit of capital cost $2. What is the minimum cost function for producing y units of output