An accounting firm hires two groups of employees, junior accountants (JAS) and senior accountants (SAS). JAS are paid $20 per hour, while senior accountants are paid $50 per hour. The accounting firm can serve q number of clients when it employs J hours of JAs and S hours of SAs according to 90,5) = 0.370.250.4. All values of client numbers and hired hours are divisible. Currently, the accounting firm already contracted 10,000 hours of senior accountants. a) One of the accounting firm partners asked you how many junior accountant hours should be hired to serve 100 clients. What is your advice? (2 pts.) b) You are asked to find the cost minimizing number of Junior accountant hours for an arbitrary number of clients served, q. What is your advice? (2 pts.) c) If senior accountant hours can be adjusted, how should this accounting firm adjust its senior accountant hours if it wants to serve 100 clients while minimizing its cost? (3 pts.) d) Draw two isoquants (q=100 and q=200). Calculate and draw a short run and long run expansion paths. Do these expansion paths cross? If so, at what input combinations and output level does it happen and what is the economic significance of such crossing? If the expansion paths do not cross, what is the economic intuition behind? (6 pts.) e) It has been found that adjusting the senior account hours by any amount comes with a penalty of $40,000. Should this accounting firm adjust its senior accountant hours from the contracted amount of 10,000? (4 pts.) An accounting firm hires two groups of employees, junior accountants (JAS) and senior accountants (SAS). JAS are paid $20 per hour, while senior accountants are paid $50 per hour. The accounting firm can serve q number of clients when it employs J hours of JAs and S hours of SAs according to 90,5) = 0.370.250.4. All values of client numbers and hired hours are divisible. Currently, the accounting firm already contracted 10,000 hours of senior accountants. a) One of the accounting firm partners asked you how many junior accountant hours should be hired to serve 100 clients. What is your advice? (2 pts.) b) You are asked to find the cost minimizing number of Junior accountant hours for an arbitrary number of clients served, q. What is your advice? (2 pts.) c) If senior accountant hours can be adjusted, how should this accounting firm adjust its senior accountant hours if it wants to serve 100 clients while minimizing its cost? (3 pts.) d) Draw two isoquants (q=100 and q=200). Calculate and draw a short run and long run expansion paths. Do these expansion paths cross? If so, at what input combinations and output level does it happen and what is the economic significance of such crossing? If the expansion paths do not cross, what is the economic intuition behind? (6 pts.) e) It has been found that adjusting the senior account hours by any amount comes with a penalty of $40,000. Should this accounting firm adjust its senior accountant hours from the contracted amount of 10,000? (4 pts.)