The document provides production functions for goods y in terms of capital K and labor L, and asks the reader to: 1) Draw isoquants for when y=500 for 4 different production functions 2) For the production function y(K,L)=K1/2L2L: a) Find the marginal products of labor and capital b) Determine the level of labor L where diminishing returns set in, given K=4 by checking inflection points of the first and second derivatives with respect to L.

1. 1. Draw a production isoquant given that y=500 for the following production functions: a. y(K,L)=5K
+2L b. y(K,L)=K2L c. y(K,L)=K1/2L1/2 d. y(K,L)=min(2K,L) 2. Given the following production
function: y(K,L)=K1/2L2L a. Find the marginal products of labor and capital. b. Suppose that K=4;
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.)