What is the manufacturers expansion path

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A widget manufacturer has an infinitely substitutable production function of the form: q=4k+3L A.) Graph the isoquant maps for q=24, q=48, and q=60. What is the RTS along these isoquants? (B.) If the wage rate (W) is $1 and the rental rate on capital (R) is $1, what cost- minimizing combination of K and L will the manufacturer employ for the three different levels in part A? What is the manufacturers expansion path?(C) How would your answer to part (B) change if r rose to $2 with w remaining at $1?

Reference no: EM131172904

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