For each of the following production functions, please do the following: i) graph the isoquant curve corresponding to Q = 100 (Tip: you don't need the same scale on all your graphs); ii) for each of labour and capital, use the corresponding marginal product fun to describe whether diminishing marginal returns exist; iii) find the marginal rate of technical substitution of labour for capital; iv) describe if there are increasing, constant, or decreasing returns to scale. (a) Q = 3√L+ √K, MPL = MPK = 2/ (b) Q = 10√/KL, MPL = 5, MPK = 5

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.