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Draw the production isoquant to fill 30 potholes

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The Winnipeg road warriors is a construction company that fixes potholes using workers (L) and shovels (K) in a 1-to-1 correspondence. A worker with 1 shovel can fill 10 potholes in a day, as can 2 workers with one shovel.

a. Draw the production isoquant to fill 30 potholes (with K on the vertical axis and L on the horizontal axis)

b. If shovels rent for $5(r=$5)b and workers are paid $25(w=$25), draw several isocost lines.

c. If Winnipeg Road Warriors has a contract to fill 30 potholes, what is the minimum cost at which it can be done?

d. If the cost of renting a shovel suddenly increases from $5 to $6, what will happen to the composition of inputs that Winnipeg Road Warriors use to fill potholes?

Reference no: EM132488659

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