1. A firm-plans to produce 500 units per day of good Z. The firm's production engineer finds two technically efficient processes (i.e., input combinations of labor and capital) to produce 500 units per day: 8. Process Alpha Process Beta Labor 625 250 Capital 45 125 If the production function for the existing technology is Q = f (L,K ), where Q is the maximum possible output, L is the amount of labor used, and K is the amount of capital used, then f (625, 45) = and f (250, 125) = If the firm must pay $350 per day for a unit of labor and $1,500 per day for a unit of capital, which process is economically efficient, Alpha or Beta? If the price of labor falls to $300 per day for a unit of labor and the price of capital remains $1,500 per day, which process is now economically efficient, Alpha or Beta? Holding the price of capital constant at $1,500 per unit, Process Alpha will never be economically efficient if a unit of labor costs (less, more) than $ per day \"The process that turns out to be economically efficient will depend on the prices the firm must pay for labor and capital inputs.\" Evaluate this statement