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Suppose that a firm is operating at a point where MRTS
= 2, P
= 3, P
What is the slope of the isoquant on which this firm operates? What is the economic
interpretation its value?
What is the slope of the iso-cost line on which this firm operates? What is the economic
interpretation of its value?
Does this firm maximize the amount of output given its expenditure on inputs? If not, explain
how this firm could increase its output without changing its total expenditure on inputs.
In a diagram measuring labour on the horizontal axis and capital in the vertical axis, draw the
point at which this firm operates (label it A), and
the isoquant curve on which this firm operates,
the iso-cost curve on which this firm operates,
a possible expansion path for this firm.
On the above diagram (the one you used to answer question 8), show
the intersection point between the expansion path and the above iso-cost curve (label it B),
the intersection point between the expansion path and the above isoquant (label it C),
draw the isoquant that passes through point B and the iso-cost curve passing through C
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