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Help please! Pretty stuck here! Picture attached. 4. Consider the production function Q=2L-(1/2)L2+2LK+4K-(1/3)K? where L is labor and K is capital. Suppose the input prices

Help please! Pretty stuck here! Picture attached.

image text in transcribed
4. Consider the production function Q=2L-(1/2)L2+2LK+4K-(1/3)K? where L is labor and K is capital. Suppose the input prices are $1,000 for labor and $1,500 for capital and the price of output is $100. Determine the optimal quantity of each input. (Hint: the MP, = 2 - L + 2K and MPR = 24 + 4- K)

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