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2) Draw a set of isoquants if Q=2K+L. What types of goods are these?

2) Draw a set of isoquants if Q=2K+L. What types of goods are these?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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2) Draw a set of isoquants if Q = 2K + L. What types of goods are these? **Explanation:** This is a question that involves drawing isoquants, which are curves representing different combinations of two inputs (capital K and labor L) that produce the same level of output Q. The given production function is linear, Q = 2K + L, indicating perfect substitutability between K and L, with capital being twice as productive as labor. **Types of Goods:** The goods represented by this production function are likely to be linear goods, where inputs can be perfectly substituted. In this context, one unit of capital is equivalent to two units of labor. Therefore, these goods could be produced using various combinations of capital and labor without changing the output level, making them an example of goods with perfect substitute inputs.
Transcribed Image Text:2) Draw a set of isoquants if Q = 2K + L. What types of goods are these? **Explanation:** This is a question that involves drawing isoquants, which are curves representing different combinations of two inputs (capital K and labor L) that produce the same level of output Q. The given production function is linear, Q = 2K + L, indicating perfect substitutability between K and L, with capital being twice as productive as labor. **Types of Goods:** The goods represented by this production function are likely to be linear goods, where inputs can be perfectly substituted. In this context, one unit of capital is equivalent to two units of labor. Therefore, these goods could be produced using various combinations of capital and labor without changing the output level, making them an example of goods with perfect substitute inputs.
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