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2. Consider a firm whose production function is f ( K , L ) 1000min{3 K , L }. a. Sketch isoquants for q =

2. Consider a firm whose production function is f (K,L) 1000min{3K,L}.

a. Sketch isoquants for q = 3000 and q = 6000.

b. If capital is fixed in the short run at K = 5, sketch the total product curve as L rises. c. Refer to (b) and sketch the marginal product of labour curve.

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