The figure below shows the isocost lines and the isoquant map for a firm producing golf tees. 
FIGURE 8- 6
-Refer to Figure 8- 6. The cost- minimizing factor combination for producing 2000 golf tees is
A) 6 units of capital and 15 units of labour.
B) 12 units of capital and 30 units of labour.
C) 10 units of capital and 25 units of labour.
D) 4 units of capital and 10 units of labour.
E) 8 units of capital and 20 units of labour.
Correct Answer:
Verified
Q92: Assume a firm is using 10 units
Q93: The long- run average cost curve is
Q94: Which of the following statements concerning long-
Q95: Consider a firm that uses only labour
Q96: An isoquant shows
A) the whole set of
Q98: A downward- sloping LRAC curve will shift
Q99: A firm's least- cost position for producing
Q100: Consider a firm that uses only labour
Q101: The fact that isoquants are downward sloping
Q102: The figure below shows the isocost lines
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents