Question: question below A widget manufacturer has an infinitely substitutable production function of the form: q=3K + L On scrap paper, graph isoquants for q=30, q=60

 question below A widget manufacturer has an infinitely substitutable production function

question below

of the form: q=3K + L On scrap paper, graph isoquants for

A widget manufacturer has an infinitely substitutable production function of the form: q=3K + L On scrap paper, graph isoquants for q=30, q=60 and q=90. On the same graph, graph the isocost lines for TC = 200, TC=400, TC = 600 ... TC = 1000 if the wage rate (w) = $20 and the rental rate on capital (v) = $20. For each of the following, ENTER A WHOLE NUMBER Consider first the q=30 isoquant. One point on the q=30 isoquant is the point where K = 5 and L = Now consider the TC = 600 isocost line. The TC = 600 isocost line intersects the X-axis where X is equal to The least cost way to produce q= 90 is to use units of capital and units of labor which will cost the firm $

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