A firm employs 100 workers at a wage rate of $15 per hour, and 50 units of capital at a rate of $20 per hour. The marginal product of labor is 30, and the marginal product of capital is 25. The firm Group of answer choices none of these options is correct is producing its current output level at the minimum cost. could increase its output at no extra cost by employing more capital and less labor. could reduce the cost of producing its current output level by employing more labor and less capital. could reduce the cost of producing its current output level by employing more capital and less labor.

Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e.g.