Unformatted text preview: a) What is the production function for watermelon juice? b) Plotting watermelons from Brazil on the xaxis, draw the isoquant for 10 liters of watermelon juice. Draw the isoquant for 18 liters of watermelon juice. 3) For each of the following, show whether the production function satisfies (1) Diminishing Marginal Product in labor and (2) Diminishing Marginal Rate of Technical Substitution (MRTS). a) q = 3 K + 5 L b) q = min(3 K , 4 L ) c) q=L 0.5 K 0.5 d) q=L 2 K 2 4) Ch. 6 #3 from textbook. 5) Ch. 6 #21 from textbook. Assume marginal analysis problems (A) are the xaxis input. 6) Complete the following table (rewrite on your hw): Units of labor (L) Units of output (q) Marginal Product of Labor Average Product of Labor1 50 2 30 3 90 4 24 5 4 6 96...
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 Winter '07
 RAUCH
 Economics, Microeconomics, Marginalism, Marginal concepts, watermelon juice

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