Question:

The following production grid shows the relationship betweencapitalandlaborinputs and the output that can be produced by a firm.

	Capital
Labor	0	1	2	3	4	5	6	7	8	9
0	0	0	0	0	0	0	0	0	0	0
1	0	1	3	7	12	18	21	23	24	24
2	0	3	12	30	60	85	105	120	130	135
3	0	7	30	85	105	120	150	180	210	230
4	0	12	60	105	130	210	280	340	380	410
5	0	18	85	120	210	410	500	570	620	660
6	0	21	105	150	280	500	700	850	950	1000
7	0	23	120	180	340	570	850	1100	1300	1400
8	0	24	130	210	380	620	950	1300	1500	1600
9	0	24	135	230	410	660	1000	1400	1600	1700

(a)Based on this information use Excel Charts to set up an isoquant map with isoquants representing output levels of 12, 105, and 410 units of output.

(b) What is the nature and the meaning of the isoquant curves.

(c) Discuss how and why the slopes of isoquants in the isoquant map matter