q=35L + 40 K q=L0.5K0.5 For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to draw these pictures. So, two pictures with two isoquants each.) Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1). In a separate excel chart draw the marginal product and average product for K = 9 in equation (1). Give an explanation for the shapes of the total product, marginal product, and average product curve. (1) (2)
q=35L + 40 K q=L0.5K0.5 For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to draw these pictures. So, two pictures with two isoquants each.) Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1). In a separate excel chart draw the marginal product and average product for K = 9 in equation (1). Give an explanation for the shapes of the total product, marginal product, and average product curve. (1) (2)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![q = 35L + 40 K
(1)
(2)
0.5,
For the production functions of (1) and (2) create the isoquants for q = 100, and for q =
144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to
draw these pictures. So, two pictures with two isoquants each.)
Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1).
In a separate excel chart draw the marginal product and average product for K = 9 in
equation (1). Give an explanation for the shapes of the total product, marginal product,
and average product curve.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f8ea82e-0162-4b82-ab00-bae6e17c84f7%2F76558710-5cf8-499a-9c32-925fe8062450%2Fd4l6bts_processed.png&w=3840&q=75)
Transcribed Image Text:q = 35L + 40 K
(1)
(2)
0.5,
For the production functions of (1) and (2) create the isoquants for q = 100, and for q =
144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to
draw these pictures. So, two pictures with two isoquants each.)
Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1).
In a separate excel chart draw the marginal product and average product for K = 9 in
equation (1). Give an explanation for the shapes of the total product, marginal product,
and average product curve.
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