For Each of the Following Production Functions, Draw a Diagram

question 51

Essay

For each of the following production functions, draw a diagram showing the general shape of its corresponding isoquant. Comment on the ease at which labor and capital can be substituted for one another relative to the other two production functions.
a. Q = K + L.
b. Q = K^0.5L^0.5.
c. Q = min(K, L).

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