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Consider the production function 0 = 2L 4 4K, where L is labor and K is capital. This production function exhibits? O No returns to scale 0 Constant returns to scale 0 Increasing returns to scale 0 Decreasing returns to scale QUESTION 7 2points 1 SaveAnswer if economic profit is negative, it must be that O opportunity cost is negative 0 accounting prot is negative 0 opportunity cost is greater than accounting profit 0 opportunity cost is positive QUESTION 3 2points f Save Answer" What best describes the situation where a firm has negative profit but it should operate in the short run? 0 The profit loss from operating is larger in magnitude than the total fixed costs 0 The profit loss from operating is smaiier in magnitude than the total fixed costs The profit loss from operating is larger in magnitude than the total variable costs The profit loss from operating is smaller in magnitude than the total variable costs Imagine that a firm can use labor (L) or capital (K) to produce rocking chairs (0) with the following production function Q:2L+5K. The wage (w) is $10 and the rate of capital (r) is $20. The target number of rocking chairs to produce is 30. a) Find the optimal inputs in the long run. L'= :lanm E b) New for the SORT RUN, imagine that K is fixed at a value of 2 (Le. K). What are the values of the short run optimal inputs? L*=|:| and c) If you were going to draw this question, your short- run solution In part (b) would lie on either the isocost or the isoguant curve that you would drawn for the long-run solution in part (a). Which curve would it lie on? (write "isocost" or "lsoquant") E QUESTION 10 10 points SaveAnswer A rm makes a product 0 using labor (L) and capital (K) using the production function 0 = 2L + K. The wage is equal to $5 and the rental rate of capital is equal to $10. The firm is currently producing 20 units of 0 using the optimal inputs of 10 units of L and zero units of K. a) Find the intercepts for the isoquant that is associated with the longrun optimal inputs. L- interoept=':| and K-intercept: b) What is the total cost of producing these units? c) Find the intercepts for the isooost curve that is associated with the longrun optimal inputs. L- intercept=':l and K-intercept