Your firm has employed an economist to estimate your firm's production function. After gathering the appropriate...

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Your firm has employed an economist to estimate your firm's production function. After gathering the appropriate data, the economist estimates that your is of the form shown below. You also know that capital is fixed at 8 units in the short run. Q=K³L³ a. Calculate the average product of labor when 27 units of labor are utilized and interpret your result. b. Calculate the marginal product of labor when 27 units of labor are utilized and interpret your result. c. Suppose the firm can hire labor at a wage of $5 per hour and output can be sold at a price of $15 per unit. Determine the profit-maximizing levels of labor and output. d. What is the maximum price of capital at which the firm will still make nonnegative profits? Your firm has employed an economist to estimate your firm's production function. After gathering the appropriate data, the economist estimates that your is of the form shown below. You also know that capital is fixed at 8 units in the short run. Q=K³L³ a. Calculate the average product of labor when 27 units of labor are utilized and interpret your result. b. Calculate the marginal product of labor when 27 units of labor are utilized and interpret your result. c. Suppose the firm can hire labor at a wage of $5 per hour and output can be sold at a price of $15 per unit. Determine the profit-maximizing levels of labor and output. d. What is the maximum price of capital at which the firm will still make nonnegative profits?