Isoquant: Fixed Proportions XIsoquants: Normal Case K F(L, K) = 30\f3) A rm uses labor hours and lathe hours to produce chairs. To make a chair requires at least two labor hours and at least one lathe hour. Also, the total number of hours must be six in any c0mbinati0n. (That is, 5 labor hours and 1 lathe hour suice to produce a chair, as do 4 and 2, 3 and 3, and so on. But 5 lathe and 1 labor hour are insufcient, as it takes a minimum of 2 labor hours.) The production process exhibits constant returns to scale. a) What do the isoquants of the rm look like? Draw in isoquants for four chairs and for six chairs. b) Suppose labor cost $10 per hour and lathe time costs $15 per hour. What combination of inputs would the rm use to produce six chairs? c) (More challenging) At these input prices, derive the total and marginal cost of the rm