Consider the production function f (L, K) = 10(L + 3K) Draw the isoquant qo = 600, being careful to mark all the relevant coordinates and axis labels. а.

ONLY answer question b. relative to question a.

Extracted text: Consider the production function f (L, K) = 10(L + 3K) Draw the isoquant qo = 600, being careful to mark all the relevant coordinates and axis labels. а.


Extracted text: b. If input prices are w = 40 and r = 600 at the lowest cost. Draw the isocost line that goes through that point, adding it to the graph above. 10, find the combination of inputs that will allow the firm to produce qo