Calculate the marginal rate of technical substitution for the output = 24 isoquant when labour increases from 1 to 2 and when labour increases from 2 to 3.

Suppose Westbound is currently employing 4 units of capital and 3 units of labour. It is considering hiring another unit of capital or another unit of labour. The cost of an additional unit of labour is 3 and the cost of an additional unit of capital is 2. Should Westbound hire an extra worker or an extra unit of capital? Explain your reasoning clearly.

(25 marks) The table below represents the production function for a restaurant called Westbound. The numbers in each cell represent the number of customers that can be served with various combinations of labour and capital. (25 marks) The table below represents the production function for a restaurant called Westbound. The numbers in each cell represent the number of customers that can be served with various combinations of labour and capital