3.4 The production function at Copy Smart copy shop is q = 500 * min(L, 2K), where...
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3.4 The production function at Copy Smart copy shop is q = 500 * min(L, 2K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 3 and K = 2, then the minimum of L and 2K, min(L, 2K) = 3, and q = 1,500.
a. Draw the isoquants for this production function.
b. Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.
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Related Book For
Managerial Economics And Strategy
ISBN: 9780135640944
2nd Global Edition
Authors: Jeffrey M. Perloff, James A. Brander
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