Question: L3. A firm's production function is given by Q = min(8L, 4K) where Q is output, L is labor, and K is capital. Note that

L3. A firm's production function is given by Q = min(8L,

L3. A firm's production function is given by Q = min(8L, 4K) where Q is output, L is labor, and K is capital. Note that 'min' means Q takes on the lower value of the two terms inside the brackets. (a) If the desired level of Q is 328, how much. L and K must be used? (b). Find the marginal products of L and K. (c) Draw the isoquant for Q = 328, explaining its shape with reference to your answer to part (b)

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