Question: I need help on this question. I am trying to make a graph based on Apple's iPad product during COVID-19. I just decided the product
I need help on this question.
I am trying to make a graph based on Apple's iPad product during COVID-19.
I just decided the product and don't know what to put and what to interpret to this question.
I need your advices. own interpretations!


YOUR OWN SETTING: 5. Use the producer-theory model to illustrate the effect of an input price change on a producer's input demands. (7 points) Your output for this model should include two items: a A producer-theory graph for two specic inputs (not just \"labor\" and \"capital\"), which depicts an M line pivot (change in slope) and the resulting change in input demands, holding output constant. (Hint: a 'loroducer-theory graph \" has the quantities of two inputs to production on the x and y-axes, an isoquant, at least one 639% line, and an indication of which point is the cost-minimizing bundle.) - Label this graph Figure 3 and include a descriptive Title (which explains what input price is changing) in the label. 0 See Figure 3 Example in \"Problem Set 5 producer behavior model gures\" - A brief explanation for why there might be no substitutability, perfect substitutability, or imperfect substitutability between the two inputs, as you have depicted their relationship in the graph. 0 Ungraded suggestion: try to make the \"change in market conditions \"a change that you have actually found in your research. Figure 3 Figure 3 Increase in grocery store worker wages may Example 1 lead to substitution towards capital inputs including self-checkout machines Self-checkout 4 W1 Scenario depicted: machines (K) Isocost lines with slope -> Substitution away from an input that has gotten relatively more expensive, when inputs are imperfectly B substitutable in production K*2 A K* 1 Q Isocost line with slope - L*2 L* 1 Labor (hours)
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