The production function at Ginko’s Copy Shop is q = 1000 × min(L, 4K) , 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=10 and K=1 , then min(L, 4K) = 4 and q = 4000
a) Draw the isoquants for this production function?
b) Fix the level of capital at 50. Draw the total product , average product, and marginal
product of labour curves for this production function.
1
Expert's answer
2020-04-29T09:23:56-0400
a) An isoquant is a curve that shows all the combinations of inputs that yield the same level of output of q = 4,000.
b) we need to know the exaxt quantities of total product to calculate amd graph TP, AP, MPL curves.
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