I. Problems (Please show all work and remember to label all graphs!) 1) Production g firm that uses capital and labor as inputs to e production of its main product. The firm produces and sells a given output. If w -$7, r $8, MPL 24, and MPk 17. What do you recommend that the firm does in order to minimize the cost of producing its main product? (Please use graphs and equations to support your answer) 2) Cost Theory Recall our discussion of Costs from our lecture. We discussed three types of average costs as well as marginal cost? How are these costs related to each other? (Please use graphs to support your answer) II Essays 1) Production relf-competing; potentially dueling