3. Mr. Hunt and Ms. Peck agree to type a manuscript for Professor Paul. The production function for the manuscript is given to be Q=H1/4P3/4 where Q = the number of typewritten pages, H = the number of hours Mr. Hunt spends typing, and P = the number of hours Ms. Peck spends typing. Hunt and Peck receive $4 and $12 per hour, respectively. (A) If Professor Paul decides to minimize the cost of production, how much of Mr. Hunt’s and Ms. Peck’ s labor will be used to produce a 300-page manuscript? (C) What will be the marginal cost of the 227th page? Will this be greater than, equal to, or less than the average cost of the 227th page?
