Long-Run Cost Minimization Practice For each of the following, find the quantities of labour and capital that minimize costs. 1. Q = 500L1/3 K2/3 2/3 MPL 500 1,000 1/3 3 MPK= W = 1 r = 16 O = 10,000 (answer: K = 10; L - 80) 2. Q = 50011/4K1/3 MP, = 500 K1/3 500 1 1/4 4 13/4 MPK= 3 42/3 w = 3 r = 2 O = 25,000 (answer: K = 1,100.355; L = 550.178)