Problem
Suppose the production function for automobiles is where Q is the quantity of automobiles produced per year, L is the quantity of labor (man-hours), and K is the quantity of capital (machine-hours).
a) Sketch the isoquant corresponding to a quantity of Q =100.
b) What is the general equation for the isoquant corresponding to any level of output Q?
c) Does the isoquant exhibit diminishing marginal rate of technical substitution?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.