2.If the price of capital is $24 the price of labor is $15 and the marginal prod

2.If the price of capital is $24 the price of labor is $15 and the marginal product of capital is 16. Using the above information answer the following showing all the steps you made to get a final answer. a- The least costly combination of capital and labor requires that the marginal product of labor be ________.? b- At the least cost point in a the slope of the isocost line will be______ ? Instructor Explanation :Hint: The least cost is achieved when: MPL/MPK=PL/PK Notations Explanations_MPK= Marginal Product of Capital MPL= Marginal Product of labor PK= Price of capital PL= Price of Labor