Consider a firm in a perfectly competitive market. The firm's production function is q = 5L0.2/0.3 The price of labor is w=4 and the price of capital is r=6. Compute the cost function of this firm. O a. C= 5q2 O b. C= 0.4q2 O c. C= 0.4q O d. C= 59Consider the production function q= 310.610.3 The marginal rate of technical substitution of labor for capital is 2L O a. MRTSL.K= K 2K O b. MRTSL,K= L L O C. MRTSL. K= 2K K O d. MRTSL, K 2LConsider the production function q = 5L + 7K Compute the marginal product of labor and the marginal product capital. O a. MP, = 5 and MP *=7 O b. MP, = 5+7k and MPx=5L +7 O c. MP, = 5+7 and MP*=5+7 O d. 5 7 MP, = 7 and MP K= 5Consider a firm in a perfectly competitive market. To produce each unit of output q, the firm needs to use exactly 5 units of capital K and 4 units of labor L (the inputs are perfect complements). The price of labor is w=20 and the price of capital is r=15. Compute the cost function of this firm. O a. C = 75q O b. C = 75q2 O c. C = 155q O d. C = 155q2Consider a rm in a perfectly competitive market. The rm's marginal cost, average cost and average variable costs are given by the gure below. Suppose that the current market price is p=10. In order to maximize its prot, the rm will produce a J units of output. *Select Answer" 0 5 10 15 20