2. At what level of output is the value of the marginal product of labor equal to the price of labor? (4 points) Complete the sentence by entering a numerical value (0.00 is acceptable) in the blank space provided. The value of the marginal product of labor is equal to the price of labor at 15 units of the product. 3. At what level of output should the firm produce to minimize its costs? How many units of labor should the firm hire and what is the firm's cost? (10 points) Complete the sentence by entering a numerical value (0.00 is acceptable) in the blank spaces provided. To minimize costs, the firm should produce 15 units and hire 5 units of labor. At this level of output and labor, the firm's variable cost is $ and its total cost is $A firm's product sells for $25 per unit in a highly competitive market. The firm produces output using capital with a weekly rent of $650 per unit and labor which is paid a wage of $375 per week. At the current level of capital, the marginal product of capital is 26. 1. Complete the following table and use this information to answer the questions that follow. (3 points) Complete the table by entering a numerical value (0.00 is acceptable) in the blank spaces provided: KL Q APL MPL VMPL 50 0 5 1 10 10 10 $250 5 2 30 15 20 $500 5 3 60 20 30 $750 5 4 80 20 15 $375 5 5 95 19 15 $375 5 6 108 18 13 $325 5 7 112 16 4 $100 5 8 112 14 0 $0