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Solve clearly explanation is more important don't copy. Show your work. 2. Consider the cost minimization problem for a firm with production function q =

Solve clearly explanation is more important don't copy.
Show your work.
2. Consider the cost minimization problem for a firm with production function q = 13/3K4/3, facing a wage of w = $4 per unit of labor and a rental rate of r = $3 per unit of capital. (a) What is the marginal rate of technical substitution for L with K? i. (1 point) MRTSLK =_ (b) What is the cost-minimizing combination of inputs (L, K ) for the firm to produce 1000 units? i. (1 point ) L = ii. (1 point ) K = (c) Does this production technology have constant, increasing or decreasing returns to scale? i. (1 point)

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