Question: 1. Let the production function be as follow: (1(L, K) = (L025 + K0.75)3 Assume K=16. What is the production function in the short term?

1. Let the production function be as follow: (1(L, K) =

1. Let the production function be as follow: (1(L, K) = (L025 + K0.75)3 Assume K=16. What is the production function in the short term? Assume K=16. What is the equation for APL and MPL. Assume K=16. What is the expansion path in the short term? Now go back to the long term-term production function. Derive the equation for an lso- quant Cchrg) curve corresponding to q=100. e. Derive the slope of Iso-quant curve as a function of L and K. f. Derive the expansion path in the long-term

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