Problem 2: Consider the following production function: y = 25010.210.8. The wage rate is $24/hr, and the rental rate on capital is $2/hr. You must use calculus to solve this problem. Show and explain all work. world sangl' waled spagy lo Tu 9= 1000 24 L+ 2K 310 no wudy sbulani of our) foot A) Compute the cost minimizing combination of capital (K) and labor (L) required to produce 1000 units of output and then compute the minimum cost of producing this output. 50 V -0.81 08 0. 210.8