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4. Consider the following production function Q = LK with MPL=K and MPK=L (Hint: labor and capital are NOT perfect substitutes) a. Calculate the marginal rate of technical substitution of labor for capital. b. Indicate if the MRTS is increasing, decreasing or constant. c. Find three points in the isoquant associated to the production of Q=500. Show the graph and also a table indicating the values of L and K used in at least three points in the isoquant.

3. The production function is given by q=20KL with MPL=20K & MPK=20L. The cost of labor w=10 and the cost of capital r=20. a) The firm wants to produce 4,000 units of output. In the short run the plant’s capital is fixed at k=5. Find the amount of labor it must employ to produce 4,000 units of output. Calculate the short run total cost. Show the isocost and isoquant associated with that point (label it as point “A”). Scale: x-axis: 1 square=2 units; y-axis: 1 square=2 units. b) In the long run the firm wants to produce 4,000 units of output. Find the optimal combination of inputs. Show and label the isocost and isoquant associated with that point. Label the optimal combination of inputs as point “B”. Scale: x-axis: 1 square=2 units; y-axis: 1 square=2 units.              

5. Suppose this market is a monopoly. a) The monopolist faces the same demand curve P = 300- 5Q and initially faces a constant marginal cost MC = 30. Calculate the profit- maximizing monopoly quantity and compute the monopolist’s total revenue at the optimal price. b) Suppose that the monopolist’s marginal cost increases to MC = 90. Compute the monopolist’s total revenue at the optimal price.

Shrimp, SA is a small business that sells farm-raised shrimp. The market for farm-raised shrimp is perfectly competitive. The short- run total cost of production is STC( Q) = 0.2Q2  + 12Q  + 600, where Q is the number of pounds of shrimp sold. The prevailing market price is $ 40 per box of shrimp. a) How many pounds should Shrimp, SA sell to maximize profit? b) Is Shrimp, SA having profits or losses? Calculate. c) If a firm is facing loses, when would you recommend them to shut down? Explain under which circumstances you would suggest the owner to shut down.    

Which ancient theory suggested that personality traits and human behaviors are based on four separate temperaments associated with four fluids of the body?

Luna visits a counselor, Dr. Denny. During their session, Dr. Denny does little talking and encourages Luna to talk about her past, her childhood, and whatever else she’s feeling tat the moment. Dr. Denny most likely practices _____________ therapy as a way to help Luna understand the internal drives and forces that shape her actions.

Griffen wants his clients to discover their own inner conflicts and feelings. He acknowledges, restates, and clarifies what the client expresses through active listening. What kind of psychotherapeutic orientation is he using?

Which part of the brain is primarily responsible for storing the procedural memory needed for Clark to remember his dance routine, even 15 years later?

Raj is in a car accident. Every day he wakes up with no memory of what he did the day before, feeling as though no time has passed because he is unable to form new memories. What type of amnesia does he have?

When Mia recalls the details of her wedding day, which part of her brain is most likely involved in storing this emotional memory?