How much l is needed to produce 100 frisbees per hour

Reference no: EM13212663

Frisbees are produced according to the production function q = 2K+L where q =output of frisbees per hour, K =capital input per hour, L =labor input per hour.

a) If K = 10, how much L is needed to produce 100 frisbees per hour?

b) If K = 25, how much L is needed to produce 100 frisbees per hour?

c) Graph the q = 100 isoquant. Indicate the points on that isoquant de?ned in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant.

d) Graph the q = 50 and q = 200 isoquants for this production function also. Describe the shape of the entire isoquant map.

e) Suppose technical progress resulted in the production function for frisbees becoming q = 3K + 1:5L. Answer part a through part d for this new production function and discuss how it compares to the previous case.

Reference no: EM13212663

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