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1. Draw a production isoquant given that y=500 for the following production functions: a. y(K,L)=5K
+2L b. y(K,L)=K2L c. y(K,L)=K1/2L1/2 d. y(K,L)=min(2K,L) 2. Given the following production
function: y(K,L)=K1/2L2L a. Find the marginal products of labor and capital. b. Suppose that K=4;
at what level of labor does the "law of diminishing returns" set in? (Hint: check inflection points
using the first and second derivatives with respect to L.)

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1 Draw a production isoquant given that y500 for the follo.pdf

  • 1. 1. Draw a production isoquant given that y=500 for the following production functions: a. y(K,L)=5K +2L b. y(K,L)=K2L c. y(K,L)=K1/2L1/2 d. y(K,L)=min(2K,L) 2. Given the following production function: y(K,L)=K1/2L2L a. Find the marginal products of labor and capital. b. Suppose that K=4; at what level of labor does the "law of diminishing returns" set in? (Hint: check inflection points using the first and second derivatives with respect to L.)