Miguel and Jake 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 is Q = 4K^0.75L^0.25, where Q is the numbers of reams of paper produced, K is the quantity of capital rented, and L is the quantity of L hired. The MP_L= K^0.75L^-0.75and MP_K= 3L^0.25K^-0.25. The weekly cost function for the paper plant is C = 10K + 2L.

1.What is the wage that Miguel and Jake pay?

2.What is the rent that Miguel and Jake pay?

3.How much K will Miguel and Jake need to produce 1,000 reams of paper at the minimum cost (you should round numbers)?

4.How much L will Miguel and Jake need to produce 1,000 reams of paper at the minimum cost (you should round numbers)?

5.What is Miguel and Jake's minimum cost of producing 1,000 reams of paper?