4. To produce traps the coyotes requires capital K and labour L. Neither by itself produces good traps. Suppose that the production technology can be captured by the production function q=201°5Kos where q is number of traps, MPL =10L-05Ks, and 0.5 0.5 a) What can you say about the returns to scale for this production function? b) What is the equation of isoquant? c) What is the equation for a slope of an isoquant? What is this called? What does it indicate? d) Set up the cost minimization problem and solve for the conditional capital and labour demands as functions of w (the labour costs) (the capital costs), and q (number of traps) e) What is the equation of the expansion path? Discuss your findings. f) Discuss the demand functions you derived in d). Are production inputs the normal inputs? What happens to optimal amount labour as w increases? What happens to optimal amount of capital as r decreases? g) Now, assume that the cost of the labour is S10 while cost of capital is $40. What is your "optimal production plan"? h) Derive the cost function and simplify the function as much as you can. i) What is your "optimal production plan" if you wish to produce 100 traps? j) What is the cost of producing 100 traps?

**HOW OUR WEBSITE WORKS**

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of** **

**HIGH QUALITY & PLAGIARISM FREE**

**.**

*Step 1*

To make an Order you only need to click **PLACE ORDER** on top of this page and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

*Deadline range from 6 hours to 30 days*.

Step 2

Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.

Step 3

Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.

**Is it Safe to use our services?**

We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.

**Discounts**

Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 15% off in their first Order. Our payment method is safe and secure.

Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.

Interested in purchasing an essay from us? Click **PLACE ORDER** on top of this page