3. The following table represents the production function of Wild Chicken, a small catering company specializing in chicken nuggets. The table lists the number of customers that can be served using different combinations of labor(L) and capital (K).
Units of K Units of L
1 2 3 4 5
1 100 141 173 200 224
2 141 200 245 283 316
3 173 245 300 346 387
4 200 283 346 400 447
5 224 316 387 447 500
i. Is this production function a short-run or long-run production function? Explain how you can tell. (2)
ii. If Wild Chicken hires 2 workers and 2 units of capital, how many customers will be served? (1)
iii. What other combinations of (L, K) would allow Wild Chicken to serve 200 customers? (2)
iv. Graph all the L-K combinations that generate the output of 200. (3)