Question
1.For each of the following situations, draw the firm's isoquant. Be sure to label your graph carefully and accurately. a) q = 2*MIN(2L,K). Draw the
1.For each of the following situations, draw the firm's isoquant. Be sure to label your graph carefully and accurately.
a) q = 2*MIN(2L,K). Draw the isoquant for q = 12.
b) Does this production function exhibits increasing, constant, or decreasing returns to scale?
Answer: _____________________
c) q = L*K. Draw the isoquant for q = 12.
d) Does this production function exhibits increasing, constant, or decreasing returns to scale?
Answer: _____________________
e) q = 5L + 2K. Draw the isoquant for q = 20.
f) (2 points) Does this production function exhibits increasing, constant, or decreasing returns to scale?
Answer: _____________________
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