Explain using the isoquant-isocost line diagram

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Question: The production function for Q is given as Q = 4K1/2L1/2 where K is the amount of capital employed and L is the amount of labor employed. The price of capital is $18 and the price of labor is $2. Find the marginal cost of the 60th unit of output. Describe the shape of indifference curves and the shape of isoquants.

All else equal, what happen to the K, L and TC when there is an increase in wages? Explain using the isoquant-isocost line diagram.

Reference no: EM132207611

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