A firm produces yoghurt (y), for which it uses two inputs, milk (m) and labor (I). The production function of the firm is given by y(m, l) = m^1/2 * l^0.25. Assume that both milk and labour are VAriables.

What type of technology does the firm have?

a) neither of these

b) constant returns to scale

c) increasing returns to scale

d) decreasing returns to scale

Which of these equations represents an isoquant of the production function (plotting labor [l] on the horizontal axis and milk [m] on the vertical axis)?

a) m=100*sqrt(l)

b) m=100/(l^2)

c)m=100l

d)m=100/l

e)m=100/sqrt(l)

f)m=100l^2

For the rest of the problem set, assume that labor is also a variable input for the firm, and it is not predetermined at the l = 256 level anymore. What type of technology does the firm have? Select one: O a. neither of these O b. constant returns to scale O c. increasing returns to scale O d. decreasing returns to scaleWhich of these equations represents an isoquant of the production function (plotting labor [I] on the horizontal axis and milk [m] on the vertical axis}? Select one: o a.m = lam/Z O b.m: I? O c. m = 1001 O d.m:% 0.: em 0 f.m = 10012