3) Consider a rm facing a wage rate of $12 and a rental rate of capital of $52. The company has allocated an outlay of $2.4million for the initial production run. The production function using available technology can be expressed as: Q: 0.5KU-75L0-25, a. Determine the optimal input mix to get the maximum output for the initial outlay of $2.4m as well as that maximum output level. [4 points) I; Explain and illustrate what would happen in the short if output was decreased by 25%. Would the capital labor cOmbination change in the long run? If so, how would it change? How would the total cost compare in the short run and the long run? [ 6 points)