Multiple Choice
A firm's €200 per hour isocost line is calculated using the equation K = 10 - 0.5L. However if the price of labour doubles, then new equation becomes:
A) K=10-0.5L
B) K=10-1L
C) K=10-0.25L
D) K=20-0.5L
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q32: Explain, using examples, the difference between specific
Q33: How does a change in the price
Q34: The low-cost input combination is the point
Q35: If the ratio of land to labour
Q36: The point of least-cost input occurs where
Q38: Assuming there are only two factors of
Q39: As a result of doubling all its
Q40: Construct isoquant lines for the following
Q41: In theory, a cost-minimizing firm will choose<br>A)
Q42: All combinations of the factors on the