Question
1. Draw a graph with some isoquant lines and write down the corresponding production function for the following technologies: Camera tripods are made using legs
1. Draw a graph with some isoquant lines and write down the corresponding production function for the following technologies:
Camera tripods are made using legs and a head to which the camera can be mounted as inputs. One head combined with three legs makes up one tripod. (6 points)
In a factory, toys are manufactured using either human labor or robots, or both, and the two inputs are perfect substitutes. In the production process, 10 hours of human work can always be substituted by 1 hour of robot operation (and vice versa). We also know that if only 10 human hours are employed (that is, zero robot hours), then one toy can be produced. (6 points)
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