Scenario 1: A production process has the following input-output relationship using labor (L) and capital (K). The following table provides information on how many outputs can be produced from L and K:LaborCapital1234515070861001062628610612313936998120139151475106131151166Suppose wage rate (w) = $10 and rental rate of capital (r) = $20. To produce 106 units of output, what is the optimal input combination?K=1 and L=5K=2 and L=3K=4 and L=2K=3 and L=2
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