Answered: Which of the following statements is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following statements is (are) TRUE?

I. If labor and capital are perfect substitutes in production, the isoquant is a downward-sloping line.
II. If a company needs to use inputs in fixed proportion such that the capital to labor ratio is always 2, the firm's isoquants are L-shaped.
III. If the production function is given by Q = min(14, 7), the firm can produce, at minimum, 21 units of output.

III
I, II, and III
I
I and II

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