Draw the relavant isoquant map and isocost line if the cost, Ask an Expert

Economics

A producer of light bulbs claims to have the folllowing production function: Q=10L*G.

a) what is the marginal product of labor? or glass?

b)Draw the relavant isoquant map and isocost line if the cost of labor is $4 per work-hour and the cost of glass is $4 per pound and 90 light bulds are to be produced. What is the cost minimizing combination of glass and labor.

c) If Q were to increase to 160 light bulbs, would this firm exhibits constant, increasing or decreasing returns to scale. Explain.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9491296

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