Please explain in detail how to get the answer as explained in the Response Feedback section. Explain easily and as explicitly as possible, step by step, without assuming previous knowledge please.

C M M H HB FSA f G D Bb Week 13 - 2022 X Bb Review Test Sul X X G https://bbhosted.cuny.edu/webapps/assessment/review/review.jsp?attempt_id=_145413112_1&course_id=_2142811_1&content_id=_71755747_1&outcome_id=_14... A> Question 11 0 out of 0 points Hallman's is a firm that produces and sells 2-inch polished finishing nails. Currently, the firm rents capital at $450 per week and hires workers at a wage rate of $220 per week. The market for finishing nails has some competition, and the current market price is $2 per pound. The following table provides the weekly labor-capital combinations the firm faces each week along with Q, the pounds of finishing nails possible with each combination. Furthermore, at the current level of capital, the marginal product of capital is 225. K Q (units) (workers) (pounds) 3 0 3 50 3 N 200 3 480 W A 620 + 730 810 3 868 3 Co 912 (Question 4 of 5) What is the marginal product of labor per dollar spent on labor at the level of output that minimizes the firm's cost? (ignore all possible "in-between" values and refer only to the values provided in the table, report your answer at 2 decimal places) Selected Answer: @ [None Given] Correct Answer: 0.5 Answer range +/- 0 (0.5 - 0.5 ) Response The quantity that firm should produce to minimize its cost is 730 and the number of workers associated with this quantity is 5. The marginal product of labor Feedback: for the last worker hired (the fifth worker) is 110. Solve and find that the marginal product of labor per dollar spent is 0.5. Question 12 0 out of 0 points