Q5c. (Production Theory - Maximization of production for a budget constraint) A firm operates with a production function given below: 5 Q=24K0.6L0.4 The rate at which the firm pays the labor, 80 [Rs.per hour], and the rate of interest for the capital investment is r=18[%]. What is the maximum output that the firm can produce for a given budget constraint of 50,000 Rs. Make use of the Lagrange Multiplier method for calculating the maximum value of production output corresponding to the stationary condition. Also check whether the stationary condition of output thus obtained in a Minima or a Maxima, also calculate the total cost of production. TC=18K+80L