Question: Given the production function Q = 10LK, where L and K correspond to units of labor and units of capital respectively, write down the equations

Given the production function Q = 10LK, where L and K correspond to units of labor and units of capital respectively, write down the equations for the isoquants K(L) defined by:

(i)Q1 = 5, ==> Level curve Q1 is equal K = 1/Blank 1

(ii)Q2 = 10, ==> Level curve Q2 is equal K = 1/Blank 2

(iii)Q3 = 20, ==> Level curve Q3 is equal K = Blank 3/L

(iv) Excel-based question:

Calculate a table of points for each isoquant (Q1, Q2, Q3) for values L = 0.02, 0.04, . . ., 0.16, hence showing that any pair of points on a given isoquant give the same output, Q.
Graph the isoquants Q1, Q2, Q3 on the same Excel graph.

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