Assume Your Company Produces Good X Using Only Two Inputs

question 1

Multiple Choice

Assume your company produces good X using only two inputs, capital (K) and labor (L) . Also, assume L is measured on the vertical axis and K on the horizontal one. If the prices of inputs are P_K=$30 and P_L=15, and your company is behaving efficiently, what is the slope of the isoquant at the current input mix?

• A) -2
• B) -1/2
• C) 2
• D) 1/2

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Definitions:

Leadership Style

refers to the approach and manner in which a leader guides, motivates, and manages their team or organization.

Bureaucratic Performance

Refers to the efficiency and effectiveness with which government bureaucracies and agencies execute policies and provide services.

Group Conformity

The act of changing one's behavior or beliefs to match those of others within a group, often to feel included or accepted.

Inequality

A condition or circumstance where individuals or groups have unequal access to opportunities, resources, and rights, leading to discrepancies in wealth, status, and power.