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Problem 2: Consider the following production function: y=250K^{0.2}L^{0.8} . The wage rate is $24/hr, and the rental rate on capital is $2/hr. You must use calculus to solve this problem. Show and explain all work. A) Compute the cost minimizing combination of capital (K) and labor (L) required to produce 1000 units of output and then compute the minimum cost of producing this output. B) Draw and fully label a diagram showing the cost minimizing choice of K and L and the associated isoquant and isocost curve and explain your diagram fully. This includes: 1. Interpreting the slope of the isocost curve. 2. Labeling the intercepts of the isocost curve 3. Labeling the point on the isoquant curve showing the optimal combination of capital (K) and labor (L) 4. Labeling the level of output corresponding to the isoquant curve.
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