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Answer questions 1416 based on the following information: Suppose that the production function for your firm is given by: F(L,K)=L41K21. W=2 and r=4. 14. In the long-run, how many workers and capital should you hire in order to produce Q units of output? a. L=Q,K=Q b. L=Q3,K=Q3 c. L=Q3/4,K=Q3/4 d. L=Q4/3,K=Q4/3 15. If the firm has a fixed cost of $100, what is the total cost function and the average variable cost function? a. TC=100+6Q4/3;AVC=6Q1/3 b. TC=100+6Q3/4;AVC=6Q3/4 c. TC=100+6Q3;AVC=6Q2 d. TC=100+6Q;AVC=6Q 16. What is the average total cost function and the MC function? a. ATC=Q100+6Q34;MC=8Q31 b. ATC=Q100+6Q31;MC=8Q31 c. ATC=Q100+6Q43;MC=32Q31 d. ATC=Q100+6Q34;MC=8Q41 Answer questions 1416 based on the following information: Suppose that the production function for your firm is given by: F(L,K)=L41K21. W=2 and r=4. 14. In the long-run, how many workers and capital should you hire in order to produce Q units of output? a. L=Q,K=Q b. L=Q3,K=Q3 c. L=Q3/4,K=Q3/4 d. L=Q4/3,K=Q4/3 15. If the firm has a fixed cost of $100, what is the total cost function and the average variable cost function? a. TC=100+6Q4/3;AVC=6Q1/3 b. TC=100+6Q3/4;AVC=6Q3/4 c. TC=100+6Q3;AVC=6Q2 d. TC=100+6Q;AVC=6Q 16. What is the average total cost function and the MC function? a. ATC=Q100+6Q34;MC=8Q31 b. ATC=Q100+6Q31;MC=8Q31 c. ATC=Q100+6Q43;MC=32Q31 d. ATC=Q100+6Q34;MC=8Q41