3. Assume that the production function of a firm in a perfectly competitive market is: Y = F(K, L) = 2L% (a) Compute the marginal product of labor and the marginal product of capital. (b) Let P indicate the price of a unit of good and R the price of a unit of capital. Derive the prot-maximising level of labor demand L'. (c) Derive the labour demand elasticity with respect to wages. (Note: this should be a function of L\