QUESTION 3 Suppose the production function is given as that from Question 1. Suppose now that the wage and the rental rate are given by W= 1 and / = 1, respectively. What are the cost minimizing amounts of labor L and capital K in order to produce a given quantity of output q? O ( L , K ) =(9, 9) O (L*, K") = (93, 93)QUESTION 1 W / N Suppose that a firm's production function is given by F(K, L) = L 2 2 , in which case the marginal product of capital and labor are given by MPK = and N - w/ the2 K 2 MPL = respectively. On which isoquant line does the production level determined by (K, L) = (144, 16) fall, and what is the slope of the isoquant line, or marginal rate of technical w / | - 2 substitution, at that point? O It falls on the isoquant line determined by a production level of q = 4, and the slope of the isoquant line at this point is 3. O It falls on the isoquant line determined by a production level of q = 4, and the slope of the isoquant line at this point is - 1/3. O It falls on the isoquant line determined by a production level of q = 4, and the slope of the isoquant line at this point is - 3. O It falls on the isoquant line determined by a production level of q = 64, and the slope of the isoquant line at this point is - 3