For each of the following production functions, determine if the technology exhibits increasing, decreasing, or constant returns to scale.a. f(L,K) = L + Kb. f(L,K) = ?L + ?Kc. f(L,K) = LK + L + Kd. f(L,K) = (?KL) + L + KDraw isoquant maps for the following technologies.i) f(L;K) = LKii) g(L;K) = L + 2Kiii) h(L;K) = min(2L;K)Frisbees are produced according to the production function q = 2K+Lwhere q =output of frisbees per hour, K =capital input per hour, L =laborinput per hour.a) If K = 10, how much L is needed to produce 100 frisbees per hour?b) If K = 25, how much L is needed to produce 100 frisbees per hour?c) Graph the q = 100 isoquant. Indicate the points on that isoquantdeâ¦ned in part a and part b. What is the RTS along this isoquant? Explainwhy the RTS is the same at every point on the isoquant.d) Graph the q = 50 and q = 200 isoquants for this production functionalso. Describe the shape of the entire isoquant map.e) Suppose technical progress resulted in the production function forfrisbees becoming q = 3K + 1.5L. Answer part a through part d for thisnew production function and discuss how it compares to the previous case.Consider the production function f(L;K) = L + K.a. Suppose K is fiâ¦xed at 2. Find algebraic expressions for the totalproduct of labor function TP(L), the average product of labor AP(L), andthe marginal product of labor MP(L).b. Graph the functions in part a.A â¦firm uses capital and labor to produce output according to theproduction function q = 4(?KL), for which MPL = 2(?K/L) and MPK = 2(?L/K).a. If the wage w = $4 and the rental rate of capital r = $1, what is theleast expensive way to produce 16 units of output?b. What is the minimum cost of producing 16 units?c. Show that for any level of output q, the minimum cost of producingq is $q.d. Explain how a 10% wage tax would affect the way in which the â¦rmchooses to produce any given amount of output
