Business, 28.11.2020 04:50 livichavezp2kcd3

Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does each of these shapes tell you about the MRTS? (For each of the following, enter the letter of the description that best describes each type of isoquant.) Convex isoquant Linear isoquant L-shaped isoquant A. The slope, or the MRTS, is constant. This means that the same number of units of one input can always be exchanged for a unit of the other input and output can be maintained. The inputs are perfect substitutes. B. Within some range, a declining number of units of one input can be substituted for a unit of the other input, and output can be maintained at the same level In this case, the MRTS is diminishing as we move down along the isoquant. C. The inputs are perfect complements, or that the firm is producing under a fixed proportions type of technology. In this case, the firm cannot give up one input in exchange for the other and still maintain the same level of output.

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Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the natu...

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