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QUESTION
For each of the following production functions, (Total 6 Marks) Write an equation and graph the isoquant for Q = 100.
For each of the following production functions, (Total 6 Marks) • Write an equation and graph the isoquant for Q = 100. • Find the marginal rate of technical substitution and discuss how MRTSLK changes as the firm uses more L, holding output constant.
(a) Q(K,L) = 2K + 3L (2 Marks) (b) Q(K,L) = K0.5L0.25 (2 Marks) (c) Q(K,L) = LK + L (2 Marks)
