Question

Number 2 please thank you

(09-10) Firm theory1_2.p df tutorial4.pdf my.monash C Get Homework Help With Che Cobb-Douglas Production Func x X https://Ims.monash.edu/pluginfile.php/8728452/mod_resource/content/1/tutorial4.pdf tutorial4.pdf 1/1 e. Constant returns to scale 2. Consider a firm whose production function is f(K,L) = 1000 min{3K,L} . a. Sketch isoquants for q = 3000 and q 6000 b. If capital is fixed in the short run at K = 5, sketch the total product curve as L rises. c. Refer to (b) and sketch the marginal product of labour curve 3. If we plot the profit of a small business against the number of leave days (days away from work) the owner takes, we find that profit first rises with the number of leave days (a few days off improves the owner's effectiveness as a manager the rest of the year), but eventually falls as she takes more leave days. a. Draw a graph showing the relationship between leave days (on the horizontal axis) and the firm's profit (on the vertical axis). This is the owner's budget constraint b. Suppose the owner's preferences over bundles of profit and leave days are represented by 1:08 PM P H wn 6/7/2019

Answer 1

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