Essay
Answer the following questions.
a. At Dippy's Amusement Park, it takes two workers to operate an amusement park ride. Each amusement park ride is capable of providing 400 rides per day. Draw the production isoquant corresponding to 2,000 amusement park rides.
b. Draw two production isoquants: one showing that labor and capital are close substitutes and the other showing that labor and capital are not close substitutes.
c. Draw a production isoquant corresponding to the production function Q = 2K + L.
Correct Answer:
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a. 
b.
c. MRTS = ...View Answer
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Correct Answer:
Verified
b.
c. MRTS = ...
View Answer
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