Question 3: Now suppose that we are in the LongRun. The firm's production function remains: Q = K1/2L1/2 This generates a ratio of Marginal Products (Le. a MRT) of: MP1. 1/2K K MRT = = = MPK 1/2 L L And the prices remain the same as above: p = $200,w = $10,?\" = $40. Suppose that the firm wants to produce 3 Quantity of 160 units: a) What must be the ratio of Capital to Labour (K/L) is the rm here is cost minimizing? b) What are the firm's long-run total costs ifthe firm is cost-minimizing for this level of production (Q = 160)? (2) Why is costminimization equal to profit maximizing for fulfilling this order of 160 units