Michael, Dwight, and Jim run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function isQ= 4K^.75L^.25 whereQis the number of reams produced,Kis the quantity of capital rented, andLis the quantity of labor hired. For this production function, the marginal product of labor isMPL= K^.75/L^.75 and the marginal product of capital isMPK= 3(L^.25/K^.25)The weekly cost function for the paper plant isC=10K+2L, whereCis the total weekly cost.

• What ratio of capital to labor minimizes Michael, Dwight, and Jim's total costs?
• How much capital and labor will Michael, Dwight, and Jim need to rent and hire in order to produce 1,000 reams of paper each week? Round to the nearest whole number?
• Quantity of Capital:
• Quantity of Labor:
• How much will hiring these inputs cost?