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Firm has isoquants represented by the equation x2 = constant X1 to the 1/2, where larger constants correspond to higher output levels. If input 1
Firm has isoquants represented by the equation x2 = constant X1 to the 1/2, where larger constants correspond to higher output levels. If input 1 is drawn on the horizontal axis and input 2 on the vertical axis, what is the slope of Firm isoquant curve when the input combination of (4, 11) is used? If this combination of inputs is cost minimizing combination, find the relationship between input prices, W1 and W2.
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