Problem 5 Suppose a firm has a production function f(K, L) = min{2L,3K}. 1. ( 2L, what is the marginal product of capital and the marginal product of labor? 4. Given the price of capital (r) and price of labor (w), find the quantities of capital and labor that minimize the total cost, if the firm wishes to produce at least 150 units of output. Problem 6 Consider a market with demand D(p) = ;2. 1. ( 25 words) Explain the concept of elasticity. 2. Calculate the (price) elasticity of demand