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The production function at Ginko's Copy Shop is q = 1,000 * min( L , 3 K ), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then min( L , 3 K ) = 3, and q = 3,000.
a. Draw the isoquants for this production function.
b. Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.
question suppose you have an investment a whose return is normally distributed with mean 8 and standard deviation of
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in a manufacturing process a random sample of 49 bolts manufactured has a mean length of 1.24 inches with a standard
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