The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost- 300. As usual in the two input graph, units of L are on the horizontal axis and K on the vertical.
The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost- 300. As usual in the two input graph, units of L are on the horizontal axis and K on the vertical.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Question 4
The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost = 300. As
usual in the two input graph, units of L are on the horizontal axis and K on the vertical.
The slope of the isocost line is [Select]
The maximum units of K that can be purchased is [Select]
The maximum units of L that can be purchased is [Select]
2 pts
Is the bundle of K-9 and L- 5 on the isocost line? [Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266feb94-e1bb-4c42-984a-b7a7d1e3a928%2F7266052f-0f06-476a-977a-7fdc49563829%2F11vxt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 4
The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost = 300. As
usual in the two input graph, units of L are on the horizontal axis and K on the vertical.
The slope of the isocost line is [Select]
The maximum units of K that can be purchased is [Select]
The maximum units of L that can be purchased is [Select]
2 pts
Is the bundle of K-9 and L- 5 on the isocost line? [Select]
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