K 3L Suppose that a production function is given by F(L, K) = L * K * in which case the marginal products will be given by MPL = and MPK = respectively. Aw AL 4K 4 What is the marginal rate of technical substitution at (L, K) = (3, 18) , and what is the interpretation? O which means that in order to maintain the same level of output, then if you increase k by one unit, you must decrease _ by two units. O -2, which means that in order to maintain the same level of output, then if you decrease _ by one unit, you must increase K by two units. O , which means that in order to maintain the same level of output, then if you increase K by one unit, you must decrease _ by two units. N O 2, which means that in order to maintain the same level of output, then if you decrease [ by one unit, you must increase K by two units.Suppose as in the problem above that that the wage and rental rate are given by w = 16 3 and /= 3, respectively, and that the production function is given by F ( K , L ) = L 4 K 4 What the cost minimizing level of labor and capital necessary to produce q units of output? O ( L , K ) = ( 2q) O ( L, K ) = (-, 8q) 2 O (L, K) = (2q, 2q)O (L,K) = (2q, - 8Given the same production function, wage rate, and rental rate from the problem above, was it the firm's total cost function for producing q units of output? O TC ( q) = 29 O TC (q ) = 49 O TC (q) = 6q O TC (q) = 8