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Answers written out Consider the following minimization problem: min TC = 2L + 4K L.K subject to 4 - min { L, K} Draw the

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Consider the following minimization problem: min TC = 2L + 4K L.K subject to 4 - min { L, K} Draw the isoquant and the isocost. Show the optimal pro- duction plan graphically. Consider a new price for labor. Due to a government inter- vention the price for labor increased from 2 to 5. What is the new isocost? Show the new optimal production plan graphically

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