Exhibited in the table below are the two isoquants and the isocost for a hypothetical firm A B C D E F Labor 40 28 18 10 4 Capital 1 3 4 6 Labor 80 38 28 14 10 Capital 1 2 3 5 6 Labor (P2/ 25 20 15 10 5 unit) Capital 2 6 8 10 (PS/unit) In a single graph, please perform the following: A. Draw the Isoquant curve B. Draw the isocost C. Identify the optimal point which is tangent to the isoquant line. Please mark the spot as X. D. How many units of capital and labor is the optimal combination LO 20 4.

Exhibited in the table below are the two isoquants and the isocost for a hypothetical firm A B C D E F Labor 40 28 18 10 4 Capital 1 3 4 6 Labor 80 38 28 14 10 Capital 1 2 3 5 6 Labor (P2/ 25 20 15 10 5 unit) Capital 2 6 8 10 (PS/unit) In a single graph, please perform the following: A. Draw the Isoquant curve B. Draw the isocost C. Identify the optimal point which is tangent to the isoquant line. Please mark the spot as X. D. How many units of capital and labor is the optimal combination LO 20 4.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.7P

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Could I please have help answering the original question and checking my isoquant points
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