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There are two firms. One produces X and one produces Y and they have the following production functions: Fx = K,/2L1/4 and Fy = Ky + Ly where K is capital and L is labour. Which of the following equations could represent an interior solution for the contract curve for the inputs of capital and labour? O Kx = Lx O Kx = 7Lx O Kx = 3Lx O - Lx Kx = 7' Ky = 2LxQuestion 2 (1 point) When the price of a good's substitute increases its demand curve shifts inward its demand curve shifts outward competitive firms can raise their prices less of the good will be demanded at every price not enough information to determineQuestion 3 (1 point) A demand curve that is inelastic has the same slope everywhere has the same elasticity everywhere is for a natural monopoly has a steeper slope than a demand curve that is elastic none of the aboveQuestion 4 (1 point) A competitive firm with the cost function c(Q) = Q2 that operates in a market with price equal to $10, will produce 5 O 10 20 100 an amount that depends on consumer demand