Question 1 (7 marks): A monopolist has the following production function Q=[05x05 where L is the number of units of labo

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Question 1 (7 marks):
A monopolist has the following production function Q=[05x05 where L
is the number of units of labor and K is the number of units of capital
used in the production process. Suppose that the cost
per unit of labour is
$2 and the cost per unit of capital is $18 and the monopolist takes the
input prices as given. Assume the market demand is P - 24 - Q.
If the monopolist is going to maximise the profit, how much output will
they produce? How many units of labour and capital is the firm going to
employ? How much profit is the firm going to earn?