ONLY answer question b. relative to question a. Consider the production function f (L, K) = 10(L + 3K)Draw the isoquant qo =600, being careful to mark all the relevant coordinates and axis labels.а. b. If input prices are w = 40 and r =600 at the lowest cost. Draw the isocost line that goes through that point, adding it to the graph above.10, find the combination of inputs that will allow the firm to produce qo

We have input price ratio = w/r = 40/10 = 4 and required to produce q =600 units

b. If input prices are w = 40 and r = 10, find the combination of inputs that will allow the firm to produce qo 600 at the lowest cost. Draw the isocost line that goes through that point, adding it to the graph above. %3D

b. If input prices are w = 40 and r = 10, find the combination of inputs that will allow the firm to produce qo 600 at the lowest cost. Draw the isocost line that goes through that point, adding it to the graph above. %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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