The following is an Economics Question....... Xcxxxxxxxxx XXXXXXX (Ctrl- Mason is a local business owner and entrepreneur! Mason loves Economics! Mason uses the following production function for cost-minimizing in his busiess: Q = 500K^O.5L0.5 The price of capital is $1,600. The price of wage is $100. Mason wants to produce 20,000 items of output. Using the lagranglan approach solve for the optimal levels of the capital and labor inputs. () What Masons' total cost of production? Show all work. ----Graph the situation above - include the Isoquant (label Q=20,000 units), the Isocost line (label TC _fill in the cost you solved for in the part above), the optimal input bundle (label A), the intercept values of the isocost line (provide values - not formulas), and the optimal levels of capital and labor (circle these on their proper axes). Please label axis. ----Mason now has a strict budget of $20,000. If Mason wants to maximize output, using the lagrangian approach, solve for the optimal capital and labor inputs (assume long run adjustments). Additionally, solve for the resulting quantity of output with this strict budget.