Consider the following production function: Q(x,y)=(x+y)2,x,y0 a) (5 pts) Sketch the isoquant for Q=4, giving coordinates for at least three points. b) (5pts) Calculate the marginal rate of substitution ( y for x). c) (5pts) Are the returns to scale increasing, decreasing or constant? d) (4 pts each) Assuming the input cost function IC(x,y)=px+y i) Find the expansion path. ii) Find the output cost function. iii) Are there economies of scale, diseconomies of scale or neither? iv) What is the average cost function? v) What is the marginal cost function? Consider the following production function: Q(x,y)=(x+y)2,x,y0 a) (5 pts) Sketch the isoquant for Q=4, giving coordinates for at least three points. b) (5pts) Calculate the marginal rate of substitution ( y for x). c) (5pts) Are the returns to scale increasing, decreasing or constant? d) (4 pts each) Assuming the input cost function IC(x,y)=px+y i) Find the expansion path. ii) Find the output cost function. iii) Are there economies of scale, diseconomies of scale or neither? iv) What is the average cost function? v) What is the marginal cost function