Question Completion Status: QUESTIONS Suppose the hourly wage rate is $17, the rental price of capital is $5 and the price of output is constant at $10 per unit. Firm's production technology is q 4K0.250.75, the marginal product of employment is MPE -3K0.25-0.25 and the marginal product of capital is MPK-K 0.750.75 What is firm's optimal demand of labor if firm plans to produce q-17 units of outputs in the long-run? (please keep 1 decimal place in your answer) QUESTION 4 Suppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm's elasticity of demand for labor is -0.9. Suppose the wage changes by 13%. The amount of labor hired by firm will change by. %. (please make sure your answer has the correct sign) QUESTION 5 A firm would hire 29646 workers if the wage rate is $18 and would hire 15085 workers if the wage rate is $29. What is the firm's elasticity of labor demand? (please make sure your answer has the correct sign) Click Save and Submit to save and submit. Click Save All Answers to save all answers. 2 points Save Ans 2 points Save Ans 2 points Save Answ Save All Answers Save and Subw