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Suppose a firm has a fixed-proportions production function in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker and no more capital, it still can produce only one unit of output. Similarly, one more unit of capital produces no extra output.
a) What is the production function? Hint: it will take the form q= min(aK, bL). What are the values of a and b?
b) Draw three isoquants for this production function.
c) Suppose capital is fixed at K=4. Draw diagrams of the product curve, the average product of labor curve, and the marginal product of labor curve, for values of L from 0 to 8.
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