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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

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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. MRPK/PK Labor MPL MRPL MRPL/PL Capital MPK MRPK 24 1 40 2 16 2 30 3 12 3 28 4 8 4 10 5 4 5 5

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