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Suppose a firm called New England Patriots Inc. has a production function given by Y = zK0.3N 0.7 . 1. If z = 1 and

Suppose a firm called New England Patriots Inc. has a production function given by Y = zK0.3N 0.7 . 1. If z = 1 and K = 1, graph the production function. Is the marginal product of labor positive and diminishing? For graphing, you can consider values of N = 5, 10, 15, 20, .... 2. Now, graph the production function when z = 2 and K = 1. Explain how the production function changed from part 1. 3. Next, graph the production function when z = 1 and K = 2. What happens now? You can plot the answer of (1), (2) and (3) to compare these three production functions.

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