Question 1: Find the labor demand function for the cases below assuming a fixed level of capital The labor demand equation Production Function Y = 10VL.K Y = 2√L+√K Y = In L + 10K MPL (obtained by differentiating the prod function) √K 5 TI MPL = 5 MPL √ī MPL= 1 L L* Does L* depend on K?

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.