(Solved): 1. Draw a production isoquant given that y=100 for the following production functions: a. y(K, ...

1. Draw a production isoquant given that $\stackrel{?}{y}=100$ for the following production functions: a. $y(K,L)=2K+L$ b. $y(K,L)=K^{2}L$ c. $y(K,L)=K^{1/2}{L}^{1/2}$ d. $y(K,L)=\min (K,2L)$ 2. Given the following production function: $y(K,L)=K^{1/4}{L}^{3/4}?L$ a. Find the marginal products of labor and capital. b. Suppose that $K=16$; at what level of labor does the "law of diminishing returns" set in? (Hint: check inflection points using the first and second derivatives with respect to $L$.)