Sketch the isoquants corresponding to the following situations. Give a written explanation of what is going on.
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Question:
Sketch the isoquants corresponding to the following situations. Give a written explanation of what is going on.
a) Thermos production, with thermos carafes on the x-axis (as one input) and thermos lids (as the other output on the y-axis.) Assume capital is held constant.
b) Office building construction, with labor on the x-axis and capital on the y-axis.
c) Hamburger production using either gas grills (x-axis) or electric grills (y-axis), assuming the two types of grills are perfect substitutes.
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