magine a production process that uses labor L and capital K and can be modeled by the function Q = 3L 1 3 K 2 3 . The wage rate is w = 10 and the rental rate is r = 40. (a) Would you describe this production process as labor-intensive or capital-intensive? Why? (b) Find formulas for the marginal products of labor and capital (M PL and M PK ) as well as the marginal rate of technical substitution of labor for capital (M RT SLK ). (c) Suppose the firm has 8 units of capital on-hand, and has committed to paying rent on this capital in the short term. Derive the short-run total cost function T Cs(Q), a function in terms of the quantity of production