g you are deciding between a conventional air conditioner and a high efficiency (High SEER) unit. The high efficiency unit costs $5,000 more than the conventional unit, but will save on average $ 1,300 per year. If the discount rate is 4%, how long will it take to pay back the initial investment, making the efficient system worth the increased price

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?