Question 31 7 pts Question 1 : A monopolist has the following production function Q=L0.5K0.5 where L is the number of units of labour and K is the number of units of capital used in the production process. Suppose that the cost per unit of labour is $3 and the cost per unit of capital is $27 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?