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Problem 4 Tik-Tok uses labor (L) and equipment (K) to produce vintage alarm clocks. Tik-Tok's daily production function is q = LK. a) Does the production function displays increasing, constant, or decreasing returns to scale? b) In a diagram, draw Tik-Tok's isoquants when output is q = 4 and when output is q = 8. At Tik-Tok, the daily wage rate is $200 while the daily rental cost of capital is $400. c) What is the cheapest way to produce 8 alarm clocks? Discuss and illustrate in your diagram. d) Leaving Tik-Tok's level of output indicated as a parameter q, solve the firm's cost minimization problem. The expressions L (q) and K^(1) that you find are called the conditional demand for labor and conditional demand for equipment. They summarize how the cost minimizing amount of labor and equipment vary with the level of output. e) Substitute the functions you found in part d) into the expression for Total Cost = wL"+ rK^ to find Tik-Tok's cost function. f) What share of total cost comes from the cost of labor? What share comes from the cost of equipment? g) Compute Tik-Tok's Average Total Cost function. Does the company face economies of scale, or diseconomies of scale? Why is it so