Question 11 a. "lsoquant and lsocost curves are the key concerns in theory of production with 2 variable inputs. The lsoquants Curve shows all possible combinations of inputs that yield the same output, and it can take different shapes such as coyex, linear or L shapedt Discuss the implication of these shapes with reference to the nature of production function and the associated Marginal Rate of Technical Substitution (MRTSJ b. Feng Li was a newly graduated software engineer in Melbourne based company who earns salary of $60,000. Before Coyid 19 pandemic he decided to quit his job with the hope of starting his own business in a building he owns and was previously renting out for $30,000 per year. Due to Coyid pandemic, he could not reach his expected level of success and following expenses were reported during the first year of his business. Employee salary - 100,000 [50% of this is his own salary) Rent - $ 0 Miscellaneous expenses - $35,000 Distinguish accounting cost from economic cost and calculate the accounting an economic cost associated with Feng Li's new business