1). Consider the following linear production function,

q = f (L, K) = 4L + 2K

Where, q= amount of output produced

L= amount of labor input

K= amount of capital input

i). From the production function can you tell if this is a short run or long run production function?

ii). Define short run and long run.

ii). What is the relationship between labor and capital for a production function like this?

iii). Define and calculate Marginal Productivity of labor.

iv). Define and calculate Marginal Productivity of capital.

v). Calculate MRTS of capital for labor (we are considering labor to be on the horizontal axis and capital on the vertical axis).

vi). Is TPP curve a short run or a long run production function?

vii). Is TPP curve a one variable input or two-variable input production function?

viii) If inputs into production cannot be substituted for each other but have to be employed in fixed proportions isoquants are straight, downward-sloping lines- Is this statement True or False?

ix) The length of the short run is the same for all firms - Is this statement True or False? Explain your answer.

x) Suppose the calculation suggests the Marginal Productivity of Labor is 2. What is the interpretation of this value?