Required information As a member of Analysts Inc consulting firm, you have carefully collected data on a manufacturing firm's output, capital. and labor. The data are shown in the below table. You believe the firm's production function to be Cobb-Douglas, Q= CKaLb Required: 1. Using the regression analysis that you just prepared, report the estimates for parameters a and b. Instruction: Enter your responses rounded to two decimal places. 2. Suppose capital is fixed at 700 and the price of output is $100. If labor costs $120 per unit, how many units of labor should the firm hire to maximize profits? Instruction: Enter your response rounded to two decimal places. 3. If labor costs $50 per unit and capital costs $150 per unit, what is the cost-minimizing input mix for producing 3,000 units of output? Instruction: Enter your responses rounded to four decimal places. Required information As a member of Analysts Inc consulting firm, you have carefully collected data on a manufacturing firm's output, capital. and labor. The data are shown in the below table. You believe the firm's production function to be Cobb-Douglas, Q= CKaLb Required: 1. Using the regression analysis that you just prepared, report the estimates for parameters a and b. Instruction: Enter your responses rounded to two decimal places. 2. Suppose capital is fixed at 700 and the price of output is $100. If labor costs $120 per unit, how many units of labor should the firm hire to maximize profits? Instruction: Enter your response rounded to two decimal places. 3. If labor costs $50 per unit and capital costs $150 per unit, what is the cost-minimizing input mix for producing 3,000 units of output? Instruction: Enter your responses rounded to four decimal places