A plant's production function is f(L, K) = LK . For this production function, MP, = L and MP, = K. The price of labor, w, is $15 and of capital, r, is $30 per unit. a) In the short run, the plant's capital is fixed at K = 50. Find the amount of labor it must employ to produce Q = 28,800 units of output. b) How much money is the firm losing by not having the ability to choose its level of capital optimally? Hint: Solve the long run cost minimization problem and compare the cost of the solution with the cost of the inputs used in the answer to part a. This long run cost