answer the question 4 of 13 complete his Q 1 pt uestion This Test 13 pts Isoquan

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4 of 13 complete his Q 1 pt uestion This Test 13 pts Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does A. The slope, or the MRTS, is constant. This means that the same each of these shapes tell you about the MRTS? number of units of one input can always be exchanged for a unit of the other input and output can be maintained. The inputs are perfect For each of the following, enter the letter of the description that substitutes. best describes each type of isoquant) Convex isoquant b B. Within some range, a declining number of units of one input can be substituted for a unit of the other input, and output can be maintained at Linear isoquant the same level. In this case, the MRTS is diminishing as we move down along the isoquant. L-shaped isoquant |c C. The inputs are perfect complements, or that the firm is producing under a fixed proportions type of technology. In this case, the firm cannot give up one input in exchange for the other and still maintain the same level of output

Explanation / Answer

1)convex isoquant ,B 2)All are correct 3)constant returns to scale 4)first decresing and then increasing returns to scale 5)increasing returns to scale 6)=50/0.2 = 250 7)decreasing ,convex

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