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Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis. 2. The shape of the isoquant tells us about the relationship between the two inputs in production. How substitutable are L and K in the production of Y ? In particular, how many units of L can be replaced by one unit of K without affecting the level of output?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91524180

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