2. Suppose technology for producing basketballs can be described by Q = 3K1/21 1/2. Suppose the wage rate = $25/hr and the rental rate of capital is $50 per hour. a) What is the MRTSix if K = 10 and L = 30? What does this mean? b) Suppose that firm wishes to make produce 40 basketballs every hour. Compute the cost minimizing combination of labor and capital the firm should use. Compute the cost of making 40 basketballs. Graphically illustrate your answer. c) Suppose that the firm wishes to increase production of basketballs to 100 per hour, but using the same amount of Capital you computed in (b) above. How much labor does it need to use? What will be cost of making 100 basketballs? Will this be considered a short run cost or a long run cost? Illustrate on same graph above, and briefly explain