Suppose that the weekly output of chili at a barbecue is characterized by Q = 60(KL)1/2. K denotes the number of large pots used each hour and L is the number of worker hours required.

a.Graph the Q = 600 isoquant or present a table that shows about 3 combinations for K and L that generate 600 units of output.

b. Determine the marginal product of labour and the marginal product of capital.

c.Determine the MRTS of this production function. Does this isoquant exhibit a diminishing marginal rate of technical substitution? Why or why not?

d.If the production function shifts to Q = 30(KL), will the MRTS change? Why or why not? What happens to the Q = 600 isoquant. How much labour and capital will be needed now to produce the 600 units of chili?

e. In the short run, suppose K is fixed at 9 units. Would this production function exhibit a diminishing marginal product of labour? Explain.