Imagine that the production function for tuna cans is given, Ask an Expert

Economics

Imagine that the production function for tuna cans is given by: q = 6K + 4L

where q = output of tuna cans per hour K = capital per hour

L = labor input per hour

a) assume capital is fixed at K = 6, how much L is required to produce 60 tuna cans per hour?

b) now assume capital is fixed at K = 8, how much L is required to produce 100 tuna cans per hour?

c) graph the q = 60 and q = 100 isoquants, in indicate the points found in part a and b. d) what are the MP of capital and labor?

d) what are the MP of capital and labor?

e) what is the MRTS along the isoquants?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91623568

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