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How to slove these two question? 7. (5 points) Professor Zhang wants to hire typists and/or use computers to type up EC301 class notes. Each

How to slove these two question?

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7. (5 points) Professor Zhang wants to hire typists and/or use computers to type up EC301 class notes. Each typist costs $10 an hour and each typist needs to work with a computer, which costs $5 an hour to use. Each typist can type up and organize 10 pages an hour. Therefore, the production function can be written as ( = min{102, 10X }, where O is the number of pages typed up, L is the number of hours of typists hired and K is the number of computers rented for use. What is the least costly input combination of labor and computer to type up 100 pages of notes and how much does the input combination cost? (need to get the input combination correct to get partial credits for cost) 8. (5 points) Professor Zhang wants to hire typists and/or use a scanning software to minimize the cost of notes. Each typist (with his own computer) can type up and organize 10 pages per hour and costs $15 an hour. The scanning software can transcribe 20 pages per hour and costs $20 an hour. Therefore, the production function can be written as ( = 104 + 20K, where O is the total number of pages organized, L is the number of hours of typists hired and K is the number of hours the scanning software is used. What is the least costly input combination of labor and capital to type up 100 pages of notes and how much does the input combination cost? (need to get the input combination correct to get partial credits for cost)

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