Suppose the production function is given as that from Question 3. Suppose now that the wage and the rental rate are given by w =9 and i'=9; 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*J=[3:.%] QUESTION 3 2 Suppose that a firm's production function is given by F(K. L) = (3K 2 + 3L in which case the marginal product of capital and labor are given by 3 3K -+ 3L 3 3K 2 + 3L MPK = and MPL = respectively. On which isoquant line does the production level determined by ( K , L) = (4, 4) fall, and what is K L the slope of the isoquant line, or marginal rate of technical substitution, at that point? O It falls on the isoquant line determined by a production level of q = 144, and the slope of the isoquant line at this point is 1. O It falls on the isoquant line determined by a production level of q = 16, and the slope of the isoquant line at this point is - 1. It falls on the isoquant line determined by a production level of q = 16, and the slope of the isoquant line at this point is 1. O It falls on the isoquant line determined by a production level of q= 144, and the slope of the isoquant line at this point is - 1