3. (5 points) You are a manager for Herman Miller, a major manufacturer of office furniture You recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs. The report from these experts indicates that the relevant production function is 0=2(K) 2(L) 12 where X represents capital equipment and L is labor. Your company has already spent a total of $11,000 on the 5 units of capital equipment it owns. Due to current economic conditions, the company does not have the flexibility needed to acquire additional equipment. K1/2 MPL= L1/2 Since the quantity of capital does not change, there is no MP of capital. If workers at the firm are paid a competitive wage of $80 per day and chairs can be sold for $500 each, what is your profit-maximizing level of output and labor usage? Please show your calculations