Imagine that the production function for tuna cans is given by: q = 6K + 4L
where q = output of tuna cans per hour K = capital per hour
L = labor input per hour
a) assume capital is fixed at K = 6, how much L is required to produce 60 tuna cans per hour?
b) now assume capital is fixed at K = 8, how much L is required to produce 100 tuna cans per hour?
c) graph the q = 60 and q = 100 isoquants, in indicate the points found in part a and b. d) what are the MP of capital and labor?
d) what are the MP of capital and labor?
e) what is the MRTS along the isoquants?