Suppose that the firm's production technology is represented by Q = 2KL. The price of labor is 2 and the price of capital is 3. The firm needs to produce Q units of output.

(a) State the firm's cost minimization problem including the objective function, the constraint, and the endogenous variables. Don't solve it, just state it.

(b) Draw a graph in K and L space that represents the firm's cost-minimization problem. There is no need to denote specific values, but make sure the basic shape of the curves is correct and label the graphs correctly.

(c) (Calculate the amounts of L and K the firm should use to produce 108 units of output and minimize costs in the long run.

(d) Given the prices of labor and capital, what is the total expenditure (cost) associated with producing 108 units of output?