A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm sets L = 1,000 and K = 1,000. Which of the following combinations of L and Klies on the same isoquant? L = 1,063.9; K = 698.7 L= 1,063.9; K = 698.7 L=698.7; K 1,063.9 L 1,302.3; K = 936.1 L 936.1; K 1,302.3

A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm sets L = 1,000 and K = 1,000. Which of the following combinations of L and Klies on the same isoquant? L = 1,063.9; K = 698.7 L= 1,063.9; K = 698.7 L=698.7; K 1,063.9 L 1,302.3; K = 936.1 L 936.1; K 1,302.3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm
sets = 1,000 and K = 1,000. Which of the following combinations of L and Klies
on the same isoquant? L = 1,063.9; K = 698.7
L= 1,063.9; K = 698.7
L=698.7; K = 1,063.9
L = 1,302.3; K = 936.1
L 936.1; K 1,302.3

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