Question: From the production function given in the following table, draw a figure showing (a) the isoquants for 8, 12, and 16 units of output and

From the production function given in the following table, draw a figure showing (a) the isoquants for 8, 12, and 16 units of output and (b) the ridge lines.

Capital (K) 6 4 8 14 16 13 11

5 6 12 16 18 15 14 4 7 13 16 20 18 16 Output (Q) 3 8 12 14 16 16 14 2 4 1 1 0 1

7 12 13 12 8 5 6

3 8 2 3

7 4

6 5

Labor (L)

7. Find the marginal rate of technical substitution for the isoquant for 8 units of output (a) between (1L, 3K) and (1.5L, 1.5K); (b) between (1.5L, 1.5K) and (3L, 1K); (c) at (1.5L, 1.5K); and (d) at (1L, 3K) and at (3L, 1K). (e) What is the relevant portion of the isoquant for 8 units of output? Why?

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