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how to solve 2. Suppose that in a given production process a blueprint can be produced using either an hour of computer time or 4

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2. Suppose that in a given production process a blueprint can be produced using either an hour of computer time or 4 hours of a manual draftsman's time. Assume that computer time and manual draftsman's time are perfect substitutes. Thus, for example, the firm could also produce a blueprint using 0.5 hour of computer time and 2 hours of a manual draftsman's time. 2.1 Write down the production function corresponding to this process. 2.2 Suppose the price of computer time is 10 and the wage rate for a manual draftsman is 5. The firm has to produce 15 blueprints. What are the cost-minimizing choices of the two input? (No calculus is needed, the optimal input bundle is a corner solution.) On a graph with computer time on the horizontal axis and draftsman's time on the vertical axis, illustrate your answer showing the 15-blueprint isoquant and isocost lines

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