Least-Cost Rule Exercise 3 (Algo) Alan owns a factory producing shing lures. Information on his production and costs are below. Marginal Product of Labor 600 Marginal Product of Capital 400 Price of Labor $12 Price of Capital $10 Instructions: Round your answer two decimal places. 1. What is the marginal product of labor per dollar? 2. What is the marginal product of capital per dollar? 3. Which ofthe following statements is true concerning Alan's resource utilization and the leastrcost rule? 0 Alan should spend more on labor and less on capital. 0 Alan should spend more on capital and less on labor. 0 Alan is utilizing resources according to the leastcost rule