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According to The Wall Street Joumal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are usec in its production process, Prior to restructuring Mitsubishi's marginal rate of technical substitution is 0.16 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitve hourly wage of $1,620, in the study of its production process and markets where capital is procured, suppose that Mitsubisthi determines that its marginal productivity of capital is 0.75 small cars per hour at its new targeted level of output and that capital is procured in a highly competitve market. The same study indicates that the average seling price of Mitsubishi's smallest car is \$1,350,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output. Instruction: Enter your response for marginal productivity of labor rounded to four decimal places. Rental rate of capital Marginal productivity of labor: To minimize costs Mitsubishi should hire copral and labor until the marginal rate of technical substitution reaches what proportion? Instruction: Enter your response rounded to four decimal places: According to The Wall Street Joumal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are usec in its production process, Prior to restructuring Mitsubishi's marginal rate of technical substitution is 0.16 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitve hourly wage of $1,620, in the study of its production process and markets where capital is procured, suppose that Mitsubisthi determines that its marginal productivity of capital is 0.75 small cars per hour at its new targeted level of output and that capital is procured in a highly competitve market. The same study indicates that the average seling price of Mitsubishi's smallest car is \$1,350,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output. Instruction: Enter your response for marginal productivity of labor rounded to four decimal places. Rental rate of capital Marginal productivity of labor: To minimize costs Mitsubishi should hire copral and labor until the marginal rate of technical substitution reaches what proportion? Instruction: Enter your response rounded to four decimal places