Answer questions 11-13 below using the following information: A firm is producing in the short-run (with K xed at 10 units) according to the following production function: FOL) = Q = 10L 0.25L2 . You also know that w=$15, r=$20 and the rm can sell its product for P=$7.50. 11. To minimize costs how much labor should the firm hire in the short run? a. L=16 b. L=30 c. L=20 :1. None is correct 12. How much output Q is produced? a. Q=525 b. Q=300 c. Q=96 (1. None is correct 13. How much is the company's prot? a. Prot=$328?.5 b. Prot=$280 c. Prot=$l?5[} J 'T_.__!__ A