1. For each of the following production functions (a and b) (c) Over what range of output does the production nd the following equations (i-iii) in terms of Q0, w and function exhibit economies of scale? 4'. (d) Over what range of output does the production i) M RT 3L, K function exhibit diseconomies of scale? ii) Long-run capital and labor demand curve. 5. The following incomplete table shows a rm's various iii) Long-run total cost curve. costs of producing up to 6 units of output. Fill in as iv) Short-run capital and labor demand curve if the rm much 0f the table as possible. If you cannot determining the number in a box, explain why it is not possible to do so is stuck with I? = 4. v) Shortrun total cost if the rm is stuck with K = 4. (a)Q=3L1/2K1/2 Emu- (b) Q=LK+2L 2. Meals must be produced with 3 chefs and 2 ovens for each meal. For example, if you have 4 chefs and 2 ovens then you can only produce one meal (and you have one extra chefs that gets wasted). Let Q be the number of meals, 0 be the number of chefs, and 0 be the number of ovens. The price of one chef is PC and the price of one oven is PO. (a) Determine three (0,0) points on the Q=10 iso- quant (what combinations of inputs lead to produc- tion of 10 meals). (b) What is the long-run total cost function for pro- ducing meals, TC (Q, P0, P0)? (Hint: think of this intuitively rather than using formulas. For exam- ple, what is the cheapest way to produce one meal? Two meals? Q meals?) (c) What is the production function for meals Q (C, O)? (This tells how many meals can be produced for each combination of C and O) 3. The processing of Q online orders can be done using hours of robot time (denoted by K) and hours of human time (denoted L). The processing of Q = 300 online orders requires either 4 hours of robot time (L = 0 and K = 4) or 20 hours of human time (L = 20 and K = 0). Hours of robot time and hours of human time are perfect sub- stitutes; for example, the processing of Q = 300 online orders could also be done using K = 2 hours of robot time and L = 10 hours of human time. (a) Determine 4 points on the Q = 600 isoquant. (b) Write out the equation for the production function Q (L: K)- (c) Determine the labor and capital demand in terms of Q0, w and r. (d) Determine the total cost in terms of Q0, 11: and r. 4. A rm's long-run total cost curve is TC(Q) = 7462 98Q2 + 7Q3. (a) What is the rm's long-run marginal cost curve? (b) What is the rm's long-run average cost curve