Question: URGENT Consider a firm which uses two inputs, labor (L) and capital (K). The firm's production function is given by f(KL) K+3L. a. Draw the

URGENT

Consider a firm which uses two inputs, labor (L) and capital (K). The firm's production function is given by f(KL) K+3L. a. Draw the firm's isoquant curves for output levels of y= 15 and y= 24. b. Now suppose that the input prices are given by we=5 and wx=2. Suppose that the firm wants to produce 15 units of output. Show graphically the firm's cost minimizing choice of inputs by drawing a graph of the isoquant curve and isocost curves. Explain briefly your answer. c. 1 Calculate the cost of producing 15 units of output. d. Does the firm's production function exhibit constant, decreasing or increasing returns to scale? Explain your

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