Question: Suppose that we are in there long-run and a rm is choosing K and L to cost minimize. Suppose also that the Marginal Rate of

Suppose that we are in there long-run and a rm is choosing K and L to cost minimize. Suppose also that the Marginal Rate of Technical Substitution (MRTS) is given by: MRTS = -KXL as in tutorial. As in lecture and tutorial. labour is on the x-axis. If the price of labour is equal to $8, the price of capital is equal to $22, and the rm employs 26 units of capital, then how much Labour must the rm decide to employ if the rm is cost minimizing? {i.e. fullling the condition we laid out that must be true if the rm is cost minimizing}. Note: round your answers to two decimal places

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