Question: please answer this question. 2. {not} REE-)1? Im's production function is given by Q(K,L) = (K)? + L. The price oflabor is $12 per hour

please answer this question.

please answer this question. 2. {not} REE-)1? Im's production function is given

2. {not} REE-)1? Im's production function is given by Q(K,L) = (K)? + L. The price oflabor is $12 per hour and the rental price of capital is $2 per hour. a. What is the marginal product of labor? Does the answer depend on how much labor or how much capital is used? {Be specic.) . 'What is the marginal product of capital? [Be careful with calculus!) Does the answer depend on how much labor or how much capital is used? [Be specic.) What is the Marginal Rate of Technical Substitution (MRTS)? To the extent you can= specify the cost minimizing values of either L or K. (Hint: This is not typically possible at this stage= but in this case you can nd one of these two values. Start with the equation that characterizes the tang ency between the isoguant curve and W line.) How much capital and lab or should be used to minimize the cost of producing ID units of output? (Hint: you found one of these two values in part (d) and now you need to nd the other based on the original production function.)

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