Suppose that Noah and Naomi’s weekly production function is F (L, K) = 10L + K, where L is the number of assembly workers (labor) and K is garage space (capital).
(a) Derive a formula for their isoquant for producing 10 garden benches per week.
(b) Graph the isoquant for producing 10 garden benches per week, and label three input combinations on the isoquant.
(c) What is the general formula for their family of isoquants?