Econ 1540 Online Assignment set Please solve all questions showing all steps and upload only one time PDF file on eclass. The Assignment Set has 5 questions and each question carry equal marks. 1) A company's production function is given by P = 5.1 10.6 K0.4 Where P is the total output generated by L units of labor and K units of capital. Determine: (a) The marginal production function with respect to L and provide its economic interpretation. (b) The marginal production function with respect to K and provide its economic interpretation. 2) Let qA = 300 - 5p A + 6p B and. 9g = 15 PA X P B be demand functions, where pA and PB are prices for products A and B, respectively. Find all four marginal demand functions and provide their economic interpretations. 3) The leather company's production function is given by F(L,K)=1501 1/4K3/4 Where F is the monthly production value when K is the amount of the company's capital investment (in dollars per month) and L is the size of the labor force (in work hours per month). Provide the name of this production function. Set up the first order partial derivatives with respect to K and L and provide their economic interpretations. Set up the second order partial derivatives (second order own and cross partial derivatives with respect to K and L) and provide their economic interpretations. 4) Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by L( x,y) = = X2 + 17-14x-6y-2xy+270 where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semiskilled person. Find values of x and y that minimize the labor cost. Find the minimum labor cost