Question: Please answer abc if you can 3. (30 points) A rm faces the following total product curves depending on how much capital it employs: K=1

Please answer abc if you can

Please answer abc if you can 3. (30 points) A rm faces

3. (30 points) A rm faces the following total product curves depending on how much capital it employs: K=1 Unit K=2 Unit K=3 Unit Quantity Total Quantity Total Quantity Total Of labor roduction 0f labor uroduction Of labor reduction 123 139 152 187 193 193 237 263 215 263 319 a) Suppose that the rm currently employs 1 unit of capital and 3 of labor. Compute MRTS of labor for capital, MPL and MPK. b) Suppose that the rm currently employs 2 units of capital. The price of capital is $4 per unit and the price of labor is $10 per unit. What is the short-run total cost of producing 263 units of output? What is the long-run total cost of producing 263 units of output? 0) Suppose the price of capital increases to $20 per unit and the price of labor falls to $5 per unit. Now what is the long-run total cost of producing 263 units of outputs

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