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Question 1 10 pts A firm needs to produce 36 units of output. Its production function is Q=6K%>L. For this production function, the marginal product
Question 1 10 pts A firm needs to produce 36 units of output. Its production function is Q=6K%>L. For this production function, the marginal product of labor is MP =6K%>, and the marginal product of capital is MPx=3K L. The firm faces a wage rate of $10 per unit of labor and a rental rate of $30 per unit of capital. a. What ratio of labor to capital minimizes the firm's long-run cost? b. How much labor and capital will the firm need to minimize long-run cost? . Suppose that in the short run, the firm has 4 units of capital. How much labor will the firm employ in the short run? Upload a file showing your work and final answers to the questions above. Upload ' chpose a File
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