Assume that the marginal product of an additional senior professor is 50% higher than the marginal product of an additional junior professor and that junior professors are paid one-half the amount that senior professors receive. With a fixed overall budget, a university that wishes to maximize its quantity of output from professors should do which of the following? Hire equal numbers of senior professors and junior professors. Hire more senior professors and junior professors. Hire more senior professors and discharge junior professors. Discharge senior professors and hire more junior professors. Discharge all senior professors and half of the junior professors