Please answer the following questions: 1. The graph below shows the marginal product of labor function for a certain firm: MPL MPL Lo L Sketch a graph of this firm's production function. Label the axes and mark any relevant points. In addition, explain briefly in words how you derived the graph of the production function from the graph of MPL. 2. Consider the following function:Econ 102 Homework #2 Due Friday, Sept. 16 at 1pm mum n t 2 a a 5 5 Lihnr Give two reasons why this is NOT likely to be the graph of a production function for a computer manufacturer Explain clearly the economics 3. The graph below shows the production function for a certain rm that uses labor and capital as inputs The function is drawn for a given level of capital. In the space underneath the graph with the function, sketch a graph of this nn's marginal product of labor and average product of labor curves Label them clearly. It may help you to know that marginal product equals Q0/ 15 when labor is 15 (or when labor is raised from 1419 to 15.1). Note: You just need to sketch these curves; do show all important points and intersections. 001me momma \"a rm j APL Econ 102 Homework #2 Due Friday, Sept 16 at 1pm 4. State clearly the law of diminishing returns Does the law of diminishing returns occur in the long run? Explain. 5. The graph below shows the Marginal Product of Labor and the Average Product of Labor curves for a rm that produces bicycles: MPL AFL 1 2 a 4 Labor hourl (nanny-nu a. Label the two curves above and explain how you decided which curve was MPL and which was APL. b. Sketch a graph of this n'n's production mction. Be as precise as you can and label the axes. 6. Use the concept of price elasticity of demand to account for why the following statement might be true: \"A drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Kansas reduces the total revenue that Kansas farmers receive.\" 7. In 1998, America smoked 470 billion cigarettes, for 23.5 billion packs of cigarettes. The average retail price was $2 per pack. Statistical studies have shown that the price elasticity of demand is -0.4, and the price elasticity of supply is 0.5. Using this information, derive the linear demand and supply curves for the cigarette market