Answered: A firm has the production function f(x,…

A firm has the production function f(x, y) - 20x3/5 2/5. The slope of the firm's isoquant at the point (x, y) - (50, 70) is (pick the closest one) a.-1.50. O b.-2.10. O c.-0.71. O d.-0.36. O e.-0.67.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 9P

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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Step 1: Introduce the Concept of Isoquants in Production Economics

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Step 2: Define the Given Production Function

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Step 3: Calculate Partial Derivatives of the Function

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Step 4: Evaluate Partial Derivatives at the Given Point

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Step 5: Determine the Slope of the Isoquant

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