Question 2: This question refers to a firm's production and profit maximization in the long-run. The firm's cost function is: TC = 208 + 100K. 2.a) In the graph below, plot the firm's isocost line representing total costs of $120,000. Indicate on the figure the value of the isocost's slope. Also indicate where the isocost line intersects with the horizontal and the vertical axes. K E 2.b) The firm is considering producing a total of 200 units. If the firm wants to minimize the cost of producing this level of output, what must the marginal rate of technical substitution be?The firm determines that the cost-minimizing solution for producing 200 units of output is to hire 10 workers and rent 1 unit of capital. 2.c) At these input levels, what are the firm's total costs? 2.d) At these input levels, the marginal product of labor is 2 unit of output. What is the marginal product of capital? Suppose that the market price for this firms' output good is $15/unit. 2.e) What are the firm's profits when they hire 10 workers, rent 1 unit of capital and produce 200 units of output?2.f) List all 3 conditions which must be true in order for these levels of output, capital use, and labor use to be profit-maximizing. 2.g) Given your answers to (2.d) and (2.f), is this firm maximizing profits