Question: How would you answer this ? A firm is successfully cost-minimizing while producing their desired output level. Each piece of capital costs $8 to rent

How would you answer this ?

A firm is successfully cost-minimizing while producing their desired output level. Each piece of capital costs $8 to rent by the hour and each worker is paid$10 per hour.

The firm's MPL is equal to 85, and MPK is equal to _______. Your answer should include only numbers. Round to the nearest integer, if necessary.

A shortage of rental capital causes the cost of renting capital to rise to $11.50 per hour. Assume there is no change to the wages paid to workers. To continue minimizing their cost, the firm should switch to a new production method that uses __________ workers and ___________ pieces of capital. For both blanks, choose from: more, fewer, the same number of. Make sure you are typing in your answer exactly as provided in the answer options.

How would you answer this ?A firm is successfully cost-minimizing while producing

Question 3 3 pts Suppose a rm is currently using the production function q (L, K) = LKZ, where each workers' wage is $13 and each piece of capital costs $39 to rent. The rm would like to produce 96 units of output at the lowest cost possible. You've been provided with the following equations for MPL and MPK: MPL = K2 and MPK = 2LK To produce 96 units of output at the lowest cost, the rm should use units of L and units of K. Your answer should include only numbers. Round to the nearest integer, if necessary. Their total cost of producing 96 units of output is $ . Do not include the $-sign in your answer. Round to the nearest integer, if necessary

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