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What are the steps to solve? Suppose a firm is producing 2,475 units of output by hiring 50 workers (W: $20 per hour) and 75

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Suppose a firm is producing 2,475 units of output by hiring 50 workers (W: $20 per hour) and 75 units of capital (R: $30 per hour). The marginal product of labor and marginal product of capital are 40 and 25, respectively. Is the firm minimizing the cost of producing 2,475 units of output? 0 a) Yes, the ratio of the number of workers to the wage equals the ratio of the number of units of capital to the rental rate. 0 bl No, the firm should use more capital and less labor. 0 Cl No, the firm should use more labor and less capital. 0 d) No, the firm should use more of both labor and capital

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