(Figure: Capital and Labor XV) Answer the following questions. 
a. Define isoquant.
b. In this figure, what things are wrong with the isoquants?
Definitions:
Comparative Advantage
Situation in which Country 1 has an advantage over Country 2 in producing a good because the cost of producing the good in 1, relative to the cost of producing other goods in 1, is lower than the cost of producing the good in 2, relative to the cost of producing other goods in 2.
Marginal Costs
The additional cost incurred by producing one more unit of a product or service.
MP3 Players
Portable electronic devices designed specifically for playing audio files in the MP3 format, a popular digital audio encoding and compression format.
Lumber
Timber that has been processed into beams and planks, a stage in the process of wood production.
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