Order the answer to: The production function at Ginko’s Copy Shop is q =

Order the answer to: The production function at Ginko’s…

Question	The production function at Ginko’s Copy Shop is q = 1,000 × min( L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min( L, 3K) = 3, and q = 3,000. a. Draw the isoquants for this production function. b. Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.
Subject	business-economics

Question

The production function at Ginko’s Copy Shop is q = 1,000 × min( L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min( L, 3K) = 3, and q = 3,000. a. Draw the isoquants for this production function. b. Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.

Subject

business-economics

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