The total cost of the PowerRich Fertilizer Inc., a fertilizer company, in short run is () = 182 84 where q is in tones of fertilizer per day produced in this company. PowerRich pro- duces fertilizer using processing machines (K) and workers (L). The wage rate of workers is W = $4/hour and the rental rate of processing machines R = $100/hour. For parts 1-5, suppose PowerRich produces and supplies in a perfectly competitive market in which price per ton is $145. Part1: Profit Maximization in a Competitive Market a) How much fertilizer PowerRich should produce to maximize its profit? How much will it earn in profit? If PowerRich stops producing, how much will be its profit/loss? b) If PowerRich rents 2 processing machines, how many workers should this company hire to produce the optimum amount of fertilizer? [Hint: we do not know the production function of this company; however, we know the cost function, also we know that cost=total spending on la- bour total spending on capital.]