Question 1 The short-run production function of a competitive firm is given by f(L)=6L1/2, where L is the amount of labour it uses. The cost per unit of labour is w=6 and the price per unit of output is p=3. a) In a diagram with L on the x axis and output on the y axis, plot a few points of this firm's production function. Draw the isoprofit line that passes through the point (0,12), and the isoprofit line that passes through the point (0,4.5). What is the slope of each of the isoprofit lines? b) How many units of labour will the firm hire? How much output will it produce? If the firm has no other costs, how much will its total profits be? Question 1 The short-run production function of a competitive firm is given by f(L)=6L1/2, where L is the amount of labour it uses. The cost per unit of labour is w=6 and the price per unit of output is p=3. a) In a diagram with L on the x axis and output on the y axis, plot a few points of this firm's production function. Draw the isoprofit line that passes through the point (0,12), and the isoprofit line that passes through the point (0,4.5). What is the slope of each of the isoprofit lines? b) How many units of labour will the firm hire? How much output will it produce? If the firm has no other costs, how much will its total profits be