Question

Imagine that the production function for tuna cans is given by q=6K+4L

where

q = Output of tuna cans per hour.

K = Capital input per hour

L = Labor input per hour

a) Assuming capital is fixed a K = 6, how much L is required to produce 60 tuna cans per hour? To produce 100 per hour?

b) Now assume that capital input is fixed at K = 8 what L is required to produce 60 tuna cans per hour? To produce 100 per hour.

c) Graph the q = 60 and q = 100 isoquants. Indicate the points found in parts a and b. What is the MRTS along the isoquants?

SHOW WORK IN EXCEL PLEASE. no hand written

Answer 1

G?ven -that 0 10016.6- 6 (b) k8,a l00 2. 100 2. 60 12-3