Production Functions: Let the production of the IPhone 12 be described by this production function: Q= 100 VKL Where Q is phones produced, K is capital (measured in machine-hours used) and L is labor (measured in labor hours). a. Graph the Q = 2000 isoquant: Set labor to 10, 20, and 40, and find the corresponding values of K. Plot these values on your isoquant. (5) b. What can you say about the relative magnitude of rate of technical substitution at L=10 and at L=40? Is the RTS greater in magnitude at L=10 than at L=40? Lower? The same? Explain. (I'm not asking for specific values, just the ranking.)(5) c. Suppose technical progress generates a new production function: Q=200 √KL Plot the new Q=2000 isoquant, again solving for K in terms of L and plotting and labeling the K and L combinations for L = 10, 20, and 40. Describe how this technological change affects the isoquant. (5) d. Consider a different kind of technological change: suppose that the invention of robots with artificial intelligence effectively makes capital and labor "perfect substitutes" in the production of IPhones. How would this technological change affect the shape of the isoquants for IPhone production? How might it affect the choice of K and L to produce IPhones at any given ratio of wages to capital costs? Explain. (5)