Your firm produces fan merchandise for a football team. You want to assess if the four items manufactured 'jerseys', 'caps', 'scarves' and 'shorts' are being produced optimally. In order to do this you increase each of the inputs (capital and labor) by one unit at a time and record the change in output from the current level for 'jerseys' and 'caps' while you decrease the inputs by one unit at a time and record the change in output from the current level for 'scarves' and 'shorts'. Currently, w=$25 and r=$40. The following tables record the different input and output levels. Use the values in the tables to arrive at your conclusions about the four production processes. Table 3: Output and Invut levels: Production of Scarves Use the relation MPI(K,L)MPK(K,L)=wr to determine if production is optimal. If you conclude that production is not optimal then argue how the input levels should be adjusted for each of the four items: a) Jerseys b) Caps c) Scarves d) Shorts. Your firm produces fan merchandise for a football team. You want to assess if the four items manufactured 'jerseys', 'caps', 'scarves' and 'shorts' are being produced optimally. In order to do this you increase each of the inputs (capital and labor) by one unit at a time and record the change in output from the current level for 'jerseys' and 'caps' while you decrease the inputs by one unit at a time and record the change in output from the current level for 'scarves' and 'shorts'. Currently, w=$25 and r=$40. The following tables record the different input and output levels. Use the values in the tables to arrive at your conclusions about the four production processes. Table 3: Output and Invut levels: Production of Scarves Use the relation MPI(K,L)MPK(K,L)=wr to determine if production is optimal. If you conclude that production is not optimal then argue how the input levels should be adjusted for each of the four items: a) Jerseys b) Caps c) Scarves d) Shorts