Prompt Case Study One: Production and Cost focuses on a perfectly competitive industry. Each competitive firm in this industry has a Cobb-Douglas production function: 4 - 0.UMKC :4-. These firms combine capital and labor to produce output. In tusk 3-2 you will use graphs and equations to analyze competitive firm decisions, the interaction between those decisions, and the competitive market determination of price. Skills needed to complete this case study: 1. The ability to enter data, enter formulas, and create charts in Excel (Note: use the dets provided in the Case Study One Dets document.) 2. The ability to use basic algebra To complete Case Study One, follow the steps below. 1. Use algebra to derive the cost function: To solve for Kas = function of q and L. Show your work, and verify that you have this solution: A - ! 0.02 1 Write the cost function. Cost is equal to the sum of the expenditures to purchase capital plus the expenditures to purchase labor. Each of these expenditures is equal to the price of the in put multiplied by the quantity of the input. Use the letter rto denote the price of capital and w to denote the price of labor