Suppose a firm's technology is represented by the production function f(L, K) = min(L, 2K), where L is the quantity of labor and K is the quantity of capital. Consider the isoquant through input combination (L, K) = (4, 8). Which of the following statements is true? The isoquant through input combination (L, K) = (4, 8) has a corner at A input combination (L, K) = (4, 8). The isoquant through input combination (L, K) = (4, 8) has a corner at input combination (L, K) = (4, 2). The isoquant through input combination (L, K) = (4, 8) has a corner at C input combination (L, K) = (8, 8). D The isoquant through input combination (L, K) = (4, 8) has a corner at input combination (L, K) = (8, 4).
Suppose a firm's technology is represented by the production function f(L, K) = min(L, 2K), where L is the quantity of labor and K is the quantity of capital. Consider the isoquant through input combination (L, K) = (4, 8). Which of the following statements is true? The isoquant through input combination (L, K) = (4, 8) has a corner at A input combination (L, K) = (4, 8). The isoquant through input combination (L, K) = (4, 8) has a corner at input combination (L, K) = (4, 2). The isoquant through input combination (L, K) = (4, 8) has a corner at C input combination (L, K) = (8, 8). D The isoquant through input combination (L, K) = (4, 8) has a corner at input combination (L, K) = (8, 4).
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter4: Polynomial And Rational Functions
Section4.6: Variation
Problem 11E
Related questions
Question
![Suppose a firm's technology is represented by the production function f(L, K) =
min(L, 2K), where L is the quantity of labor and K is the quantity of capital.
Consider the isoquant through input combination (L, K) = (4, 8). Which of the
following statements is true?
The isoquant through input combination (L, K) = (4, 8) has a corner at
A
input combination (L, K) = (4, 8).
The isoquant through input combination (L, K) = (4, 8) has a corner at
input combination (L, K) = (4, 2).
%3D
%3D
The isoquant through input combination (L, K) = (4, 8) has a corner at
C
input combination (L, K) = (8, 8).
The isoquant through input combination (L, K) = (4, 8) has a corner at
input combination (L, K) = (8, 4).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba33d2b9-0979-4cc5-a129-e5bcf96924b6%2F51f5a7ab-4a10-4037-afa6-1495ce428ecb%2Ftq2b4g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose a firm's technology is represented by the production function f(L, K) =
min(L, 2K), where L is the quantity of labor and K is the quantity of capital.
Consider the isoquant through input combination (L, K) = (4, 8). Which of the
following statements is true?
The isoquant through input combination (L, K) = (4, 8) has a corner at
A
input combination (L, K) = (4, 8).
The isoquant through input combination (L, K) = (4, 8) has a corner at
input combination (L, K) = (4, 2).
%3D
%3D
The isoquant through input combination (L, K) = (4, 8) has a corner at
C
input combination (L, K) = (8, 8).
The isoquant through input combination (L, K) = (4, 8) has a corner at
input combination (L, K) = (8, 4).
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