Question Six (5 marks) A baseball bat factory has the following production function: Q = 4/ 0.5 / 0.5 Where L is the number of workers and K is the number of lathes for shaping the wood. a) For this production function, as drawn below, calculate the respective Q values and label them on the isoquants of the diagram below. (1.5 marks) Capital (K)| Q = - Q= Labor (1) Now suppose there is a technological change, such as an improvement in lathe speed and accuracy. The new production function is Q = 6.540.5 10.5 b) Relabel your production isoquants to reflect this change in the diagram below. (1.5 marks) Capital (K)| Q = _ Labor (1) c) If we assume wages and rents are constant, how does the technological change affect the cost of making baseball bats? Explain in one or two sentences, mentioning what would happen to the original isoquant lines. (2 marks)