3. A firm's product sells for $4 perunit in a highly competitivemarket. The firmproduces outputusing capital(whichitrentsat $25per unit)andlabor(whichispaid awage of$30per hour).Complete the followingtable and use that informationto answerthese questions.

(a) Identifythefixedandvariable inputs.

(b) What arethefirm'sfixedcosts?

(c) Whatis thevariablecostofproducing 475unitsof output?

(d) Howmanyunitsofthevariableinputshouldbeusedtomaximizeprofits?

K (number of units of capital)	L (number of hours of labor)	Q (output)	MPK Marginal Product of capital)	VMPK (Value of Marginal Product of capital
0	20	0
1	20	50
2	20	150
3	20	300
4	20	400
5	20	450
6	20	475
7	20	475
8	20	450
9	20	400
10	20	300
11	20	150