The Cobb-Douglas function for a new product is given by Y(L,K) =3L 0.2 K 0.

The Cobb-Douglas function for a new product is given by

Y(L,K) =3L0.2 K0.8

where L is the number of units of labour and K is the number of units of capital required to produce Y(L,K) units of the product.

A1. (2 marks) In L,K  space, where labour is on horizontal axis ranging from 0 to 10 and capital is on the vertical axis ranging from 0 to 10, depict all possible combinations of L and K resulting in production levels of 5, 10, 15, and 20 units. [These curves are called isoquants]. In a single graph you should have four curves (one for each production level).

Battling with the beginning. Its that time of year where you hit the mental block and everyone just gives you vague responses that don’t help at all

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