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3. Graph two indifference curves for the consumer, and identify which one yields higher utility. 4. Suppose that the consumer has an income m = 60, and that the prices for goods 1 and 2 are p, = 20 and p, = 20 respectively. (a) Write down the budget line for the consumer bO= RADx + L0 Y (b) Graph the budget line for the consumer () Identify the optimal consumption bundle for the consumer given their budget con- straint; you may do so graphically or analytically. Problem 5 Suppose a firm has a production function f(K, L) = min{6K,4L}. . . . An Isoquant represents all combinations of capital and 1. ( 4L, what is the marginal product of capital and the marginal product of labor? MP L = L{ MP K = 6 4. What is the Marginal Rate of Technical Substitution for the production function pro- vided? QT s - R - 3 5. Given the price of capital (r = $2) and price of labor (w = $3), find the quantities of capital and labor that minimize the total cost, if the firm wishes to produce at least 180 units of output. \\ %O = k ( ?L) e L (% rg} &= L'y L :'}0 6. Determine (and provide a supporting argument to) whether the following claim is true or false: \"The cost minimizing quantities of capital and labor equate the MRTS to the relative prices of inputs.\" Problem 6 Consider a market with demand D(p) = 210 3p. 1. (S 25 WDrdS) Explain the concept of e]astjcjty. Elasticity measures the responsiveness of quantity demanded or supplied to a change in price, indicating the degree of 2. Calculate the (price) elasticity of demand. e