Answered: A firm has the production function f(x,…

A firm has the production function f(x, y) - 20x3/5 2/5. The slope of the firm's isoquant at the point (x, y) - (50, 70) is (pick the closest one) a.-1.50. O b.-2.10. O c.-0.71. O d.-0.36. O e.-0.67.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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Step 1: Introduce the Concept of Isoquants in Production Economics

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Step 2: Define the Given Production Function

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Step 3: Calculate Partial Derivatives of the Function

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Step 4: Evaluate Partial Derivatives at the Given Point

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Step 5: Determine the Slope of the Isoquant

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