Marginal Products (40) Labor (L) MP The information illustrated between A and B on the above marginal product (MP) curve is equivalent to which pair of points on the following total product (TP) curve below? Briefly explain your answer Quantity (Q) W Labor (L) POINTS L K K L L K A 3 28 28 30 32 B 20 22 24 25 12 5 5 18 18 4 16.6 14 E 5 7 10 10 128 F H 12 14 G 11.2 H B 10 12 a. Plot isoquants I, II, III, and IV on the same set of axes. b. What do the isoquants indicate? C. Compute for the marginal rate of technical substitution (MRTS) on all isoquants. d. If the price of capital (P,) is 1 peso per unit while the price of labor (P, ) is 2 pesos per unit and assuming that the total outlay of the producer rises from 12 pesos to 16 pesos and then 20 pesos per time period, determine the expansion path