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1. The production function for ACME WIDGETS is given by Q = 30 K^0.65 L^0.25. where Q is the number of widgets ACME produces in a month, K is the number of units of capital input and L is the number of units of labor input ACME uses to produce their widgets. The price per unit of capital input is p K = $ 4 , 000 and the price per unit of labor input is p^L = $ 2, 000. ACME's minimum cost of producing 900 units/month is a 148212 b 260787 c 278918 d 206696 2 This continues the previous problem. ACME's marginal cost is Group of answer choices Decreasing as output increases, There is not enough information to tell how the firm's marginal cost is behaving.A steel producer has the production function g=10K^0.75 8 0.25 where g is the quantity of steel, in metric tons, A is the firm's capital stock, and E is the number of labor hours it employs (measured in thousands). a) Assume the firm's current capital stock is fixed at * = 4096. If the firm employs E = 81 labor units, then how much steel does it produce? bjSuppose the firm receives an order to produce 10,000 metric tons of steel. If its capital stock is fixed at A=4096, then how many hours of labor must it employ to satisfy the order? () In the long run, the firm is free to vary both its capital stock and the number of workers it employs. Given this, what would happen to the firm's output if it doubles the amount of labor and capital it uses? What happens if it quadruples the amount? What does this result suggest in general?A steel producer has the production function q=10K^0.75 E^0.25 where q is the quantity of steel, in metric tons, K is the firm's capital stock, and E is the number of labor hours it employs (measured in thousands). a) Assume the firm's current capital stock is fixed at K = 4096. If the firm employs E = 81 labor units, then how much steel does it produce? b) Suppose the firm receives an order to produce 10,000 metric tons of steel. If its capital stock is fixed at K = 4096, then how many hours of labor must it employ to satisfy the order? () In the long run, the firm is free to vary both it's capital stock and the number of workers it employs. Given this, what would happen to the firm's output if it doubles the amount of labor and capital it uses? What happens if it quadruples the amount? What does this result suggest in general?3. Suppose that the production takes the form Y = F(K, L) - KL'-, where L is the constant labor force, and 0