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1. Suppose your company faces the production function Q=F(K.L)=2K4313/4, a. How much output is produced when you employ 6 units of capital and 4 units
1. Suppose your company faces the production function Q=F(K.L)=2K4313/4, a. How much output is produced when you employ 6 units of capital and 4 units of labor? b. In the short run your 4 units of labor are fixed. How much capital must you employ to produce 50 units of output? Does this suggest the relationship between capital and labor is linear or non-linear? At 50 units of production, what is the Marginal product of capital: Marginal product of labor: Average product of capital: Average product of labor: 2. Suppose this is a visual representation of your company's productive capabilities and cost constraints. In your own words, explain what these curves represent and what happened between scenario 1 and scenario 2. Capital
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