Suppose that for a simple production process, where K and L are perfect complements, output is given by Q= K + L, where K denotes capital, and L denotes labor. The price of labor is $4 per unit and the price of capital is $6 per unit. What would be the minimum costs of producing 20 units of output? Multiple Choice $50 O It cannot be determined from the information given. $200 $100A monopolist has a demand curve given by P= 64 - Q and a total cost curve given by TC = 16 + Q2. The associated marginal cost curve is MC = 2Q. Find the monopolist's profit-maximizing quantity and price. How much economic profit will the monopolist earn? Instructions: Enter your answers as whole numbers. Profit-maximizing price: $ Profit-maximizing quantity:[ Economic profit: $An output level at which MR intersects MC from below is never the profit-maximizing level of output because the marginal O cost would have a negative slope meaning the additional costs would fall as more is produced. O revenue and marginal cost would intersect at an indeterminate output. O revenue and marginal cost would be horizontal. O revenue would be falling as more is produced