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4. Consider the following production functions: (i) Q = 4K2L2 (ii) Q = 2K + 4L (iii) Q = min(4K, 5L) a Graph an isoquant

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4. Consider the following production functions: (i) Q = 4K2L2 (ii) Q = 2K + 4L (iii) Q = min(4K, 5L) a Graph an isoquant for Q = 400 for each of the production functions above. b. In few words, explain what does the MRTS tell us about a production function? Find the MRTS for production functions (i) and (ii). [Not gradedz] Find the MRTS for production function (iii) 51

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