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> Suppose a firm's production function is: Q = LK2 Find points and draw isoquants for Q1 = 10, Q2 = 15, and Q3 = 20 units. %3D Q1 = = 10 Q2 = = 15 LK = Q = 20 LK = %3D LK %3D %3D L. K K. 10 10 9 20 25 20 15 40 25 25 50 50 45 K

> Suppose a firm's production function is: Q = LK2 Find points and draw isoquants for Q1 = 10, Q2 = 15, and Q3 = 20 units. %3D Q1 = = 10 Q2 = = 15 LK = Q = 20 LK = %3D LK %3D %3D L. K K. 10 10 9 20 25 20 15 40 25 25 50 50 45 K

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11 7. Cobb-Douglas Production: Isoquants > Suppose a firm's production function is: Q = LK½ Find points and draw isoquants for Q1 = 10, Q2 = 15, and Q3 = 20 unis. Q1 = 10 LK = Q2 = 15 Q3 = 20 LK = LK = K K K 10 20 10 25 20 15 40 25 25 50 50 45 K
Transcribed Image Text:11 7. Cobb-Douglas Production: Isoquants > Suppose a firm's production function is: Q = LK½ Find points and draw isoquants for Q1 = 10, Q2 = 15, and Q3 = 20 unis. Q1 = 10 LK = Q2 = 15 Q3 = 20 LK = LK = K K K 10 20 10 25 20 15 40 25 25 50 50 45 K
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