Frisbees are produced according to the production function
q = 2K + L,
Where
q = Output of Frisbees per hour
K = Capital input per hour
L = Labor input 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 isoquant defined in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant.
d. Graph the q = 50 and q = 200 isoquants for this production function also. Describe the shape of the entire isoquant map.
e. Suppose technical progress resulted in the production function for Frisbees becoming
q = 3K + 1.5L.
Answer part a through part d for this new production function and discuss how it compares to the previous case?