The production function at Ginkos Copy Shop is q = 1,000 * min(L, 3K), where q is
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The production function at Ginko’s Copy Shop is q = 1,000 * min(L, 3K), where q is the number of copies per hour, q, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then min(L, 3K) = 3, and q = 3,000.
a. Draw the isoquants for this production function.
b. Draw the total product of labor, average product of labor, and marginal product of labor curves for this production function for some fixed level of capital.
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Related Book For
Microeconomics Theory And Applications With Calculus
ISBN: 9780133019933
3rd Edition
Authors: Jeffrey M. Perloff
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