Problem
I. Suppose that a firm has the production function q = 0.75k0.25.
i. What is the firm's total product of labor in the short-run if capital is fixed at K = 10?
ii. What is the average product of labor in the short-run if capital is fixed at K =10?
iii. What is the marginal product of labor in the short-run if capital is fixed at K = 10?
II. What is a production isoquant? What does one isoquant display? Explain your answers in a few words and draw a set of three isoquants to help enhance your explanation.