1. How much labor and capital should the firm hire if it wants to produce 48 units of output while minimizing its cost of production?2. How much labor and capital should the firm hire if it wants to produce 120 units of output while minimizing its cost of production?

p2 ous mar' of ction 13 Costs 1. Suppose a firm's production function is given by Q = AL" KP . Thus the marginal product of labor is given by: MP, = QAL-KB and the marginal product of capital is given by: MPK = BAL" KB-1 Suppose A = 1 a = _ 1 2 NI Also, the price of labor, w = 16 and the price of capital, r = 9. How much labor and capital should the firm hire if it wants to produce 48 units of output while minimizing its cost of production? 2. Suppose a firm's production function is given by Q = AL" KP . Thus the marginal product of labor is given by: MP, = QAL"-KB and the marginal product of capital is given by: MPK = BAL' KB-1 A = 1; a = 1; B=1 Also, the price of labor, w = 25 and the price of capital, r = 36. How much labor and capital should the firm hire if it wants to produce 120 units of output while minimizing its cost of production? 3. Suppose a firm's production function is given by Q = L + K. If the price of labor, w = 5 and the price of capital, k = 10, how much labor and capital should the firm hire if it wants to produce 20 units of