Problem 1 (25 Points) Manufacturers.inc has the following production function that represents the available tech- nology...

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Problem 1 (25 Points) Manufacturers.inc has the following production function that represents the available tech- nology to mix capital (K) and labor (L) (their only two inputs): q(L,K) = L¹/³K²/ in the short run, the firm has a fixed level of capital K = 8 1) Fill the following table. L q MPL APL 0 1 2 3 4 5 6 7 8 9 10 2) Graph total production, MP₁, and APL according to the values in the table form the previous question 3) Graph the isoquants in the long run from the levels of production q = 1,2,3 Problem 1 (25 Points) Manufacturers.inc has the following production function that represents the available tech- nology to mix capital (K) and labor (L) (their only two inputs): q(L,K) = L¹/³K²/ in the short run, the firm has a fixed level of capital K = 8 1) Fill the following table. L q MPL APL 0 1 2 3 4 5 6 7 8 9 10 2) Graph total production, MP₁, and APL according to the values in the table form the previous question 3) Graph the isoquants in the long run from the levels of production q = 1,2,3

Answer rating: 100% (QA)

Answer In the short run the production function reduces to ... View the full answer