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).
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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
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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