*3.2 A seafood-processing company in Nigeria uses two inputs: machines (K) and workers (L). The isoquants have the usual smooth shape. The machines cost N120,000 (Nigerian Naira) per day to run and the workers earn N20,000 per day. At the current level of production, the marginal product of the machine is an additional 400 pounds of seafood per day, and the marginal product of labor is 80 more pounds per day. Is this firm producing at minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the firm should change the ratio of inputs it uses to lower its cost. (Hint: Examine the conditions for minimizing cost in Equations 6.8, 6.9, and 6.10.)