A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm sets L = 1,000 and K = 1,000. Which of the following combinations of L and Klies on the same isoquant? L = 1,063.9; K = 698.7 L= 1,063.9; K = 698.7 L=698.7; K 1,063.9 L 1,302.3; K = 936.1 L 936.1; K 1,302.3

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm
sets = 1,000 and K = 1,000. Which of the following combinations of L and Klies
on the same isoquant? L = 1,063.9; K = 698.7
L= 1,063.9; K = 698.7
L=698.7; K = 1,063.9
L = 1,302.3; K = 936.1
L 936.1; K 1,302.3
Transcribed Image Text:A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm sets = 1,000 and K = 1,000. Which of the following combinations of L and Klies on the same isoquant? L = 1,063.9; K = 698.7 L= 1,063.9; K = 698.7 L=698.7; K = 1,063.9 L = 1,302.3; K = 936.1 L 936.1; K 1,302.3
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