QUESTION 1 1.1 ABC (Pty) is a vaccine manufacturing company that has the following costs of production. Cost of capital is R50 000, labour cost is R30 000, and the total cost the firm is willing to pay is R300,000. Identify the type of this production function and illustrate it with a 2D graph. (10 Marks) 1.2 If the demand and supply curve for cell phones is given by: D = 80-4P, S = 40+ 6P In a market with a price of P for smartphones, compute the number of phones that would be bought and sold at equilibrium. (10 Marks)