3. (2 points) For each of the following production functions, plug in the value shown to...

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3. (2 points) For each of the following production functions, plug in the value shown to convert it to a short-run production function, and determine whether or not they exhibit the 2 properties of short-run production functions that economists generally like to see. I. II. III. IV. Q = 3x + 2x2 x = 5 Q = 12(x1)(x2) 0.5 x = 1 Q = 12x1 - (x1) + 22x2 -2(x2) x2 = 4 Q = min [x1, 2xz] X = 6 6. (1.5 points) Consider the following production functions: I. Q = min [2x1,3x2] Q=300x1200x2 II. III. Q = (x1) 0.2 (x2) 0.5 IV. For each of these, find... Q = (x1) 1.5 (x2) A. The returns to scale. Include a set of calculations that illustrates this. B. C. The formula for the marginal rate of technical of substitution (if possible, and explain if it is not.). The plot of an isoquant generated by the function. (Choose any Q value, but include at least 3 specific points.) 3. (2 points) For each of the following production functions, plug in the value shown to convert it to a short-run production function, and determine whether or not they exhibit the 2 properties of short-run production functions that economists generally like to see. I. II. III. IV. Q = 3x + 2x2 x = 5 Q = 12(x1)(x2) 0.5 x = 1 Q = 12x1 - (x1) + 22x2 -2(x2) x2 = 4 Q = min [x1, 2xz] X = 6 6. (1.5 points) Consider the following production functions: I. Q = min [2x1,3x2] Q=300x1200x2 II. III. Q = (x1) 0.2 (x2) 0.5 IV. For each of these, find... Q = (x1) 1.5 (x2) A. The returns to scale. Include a set of calculations that illustrates this. B. C. The formula for the marginal rate of technical of substitution (if possible, and explain if it is not.). The plot of an isoquant generated by the function. (Choose any Q value, but include at least 3 specific points.)