Hints for Economics 452 Problem Set TwoWork on each question as we complete that portion of chapter 5 (after practicing oncorresponding exercise) so do not put it all off until just before due. Do a rough draftfirst, then copy more neatly to version you turn in. Write your solutions neatly on aprintout of the questions and staple pages together before turning in your problem set. 1&2. See Example 5.1 Factors and Output (slides 15-19) and Example 5.2 Increase inCapital (slides 29-32). Since graph says to put wheat on the vertical axis, wheat takesthe place of food and steal is like cloth. When writing the equations for the factorconstraints, make sure to write the labor or capital constraint form with general notationfirst, then plug the numbers in (be careful to plug in correctly), then rearrange to be inslope intercept form (with wheat on the left-hand side). You do not need to show yourcalculations for the steel and wheat endpoints of each constraint, but do need to putthose numbers on the graph. When drawing the factor constraints, wait until you have
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