The Enviro-Friendly Lawn Services use well trained goats to mow lawns. Suppose the production function for mowing lawns is given by Q = 2K0.5L0.5 where (L) is the number of goat handlers and (K) is the number of goats.

Redraw and label the

The EnviroFriendly Lawn Services use well trained goats to mow lawns. Suppose the production function for mowing lawns is given by Q = 2K0-5L0-5 where (L) is the number of goat handlers and (K) is the number of goats. (a) Redraw and label the isoquants in the graph above to reect this pro- duction function. Capital (K) Labor (L) (b) Suppose that an improvement in goat genetics that result in technological change (e.g. goats can eat more) so that now Q = 4.5K0-5L0-5. Relabel your production isoquants to reect this change. (c) If we assume that wages and rents are constant, how does the techno- logical change affect the cost of mowing lawns