Question: 1.Imagine that the production function for tuna cans is given by: q = 6K + 4Lwhere q = Output of tuna cans per hour K

1.Imagine that the production function for tuna cans is given by:

q = 6K + 4Lwhere

q = Output of tuna cans per hour

K = Capital input per hour

L = Labor input per hour

a. Assuming capital is fixed at K = 6, how much L is required to produce 60 tuna cans per hour?

To produce 100 per hour?

b. Now assume that capital input is fixed at K= 8; what L is required to produce 60 tuna cans per hour? To produce 100 per hour?

c. Graph the q = 60 and q = 100 isoquants. Indicate the points found in part a and part b. What is the RTS along the isoquants?

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