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Q. Show the Isoquant touching axis?
Isoquants do not intersect: By definition isoquants such as indifference curves, can never cut each other. If they cut each other it will be a logical contradiction.
Isoquants cannot touch either axis: If an isoquant touches any axis just like in Figure below, it would mean that output can be produced with the help of one factor. It is unrealistic since output can't be produced only by capital or labour alone.
Figure: Isoquant touching axis
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
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Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Pricing Methods
Q. Explain about Linear Isoquant? : In this case, isoquant would be straight lines as in Figure below. This type presumes perfect substitutability of factors of production. I
Location problem in the plane: In Kent, the council to respond to the people and government needs, it decided to establish 3 community care homes. The towns are recorded with t
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Assume that input prices are constant at r = 1, w = 1, with technology which consists of 5 processes having the following properties: Process Inputs Capital (machine hours)
Explain a circular flow of income in a frugal econmomy with diagram
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