A firm's production function is given as Q = 2 (min(3K, 2L)]i. And the price of the output is given as P $240 per unit. Also suppose that the price of input K, r, is $6 per unit, and the price of input L, w, is $4 per worker. (Note that we did not assume this firm in a competitive market. So it may have some positive profits even in the long run). (from Midterm 2012) %3D (a) Draw isoquant curves. What is the relationship of the two inputs of K and L? (b) Suppose that the firm is given an order of producing Q = 60 units. What are the optimal levels of K and L? (c) In the long run, what is the optimal level of production? (Assume that there is no change in prices) What is the size of its profit?

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.