6. Explain the rule for determining the optimal use of a multiple resources when minimizing costs, then determine the least cost manner of producing 138 units of output given that the price of labor is $4 and the price of capital is $8 Labor MPI MPL /PL Capital MPK MP k /PK 24 6 40 5 4 IN IN 16 30 3.75 12 3 3 28 3.5 A 8 2 4 10 1.25 5 4 1 5 5 0.625 7. Explain the rule for optimal resource use to maximize a firm's profits. Consumers maximize their utility by purchasing those goods or services that give the highest marginal utility per dollar spent. 8. If the price of output sells for $0.80 each, determine the profit maximizing quantities of labor and capital that should be used, assuming the price of labor is $4 and the price of capital is $8. If labor and capital are the only inputs, compute the profit of this firm. Labor MPL MRP MRPL/PL Capital MPK MRPK MRPK/PK 24 40 2 16 IN 30 3 12 W 28 8 4 10 5 4 5 5