Draw Isoquants for the Following

question 47

Essay

Draw isoquants for the following:
a)Tree Fellas Ltd.is a logging firm where the labor input is loggers and capital refers to chainsaws.The output produced is measured in terms of number of trees felled.One logger uses one chainsaw;a logger without a chainsaw will not contribute to output and neither will a chainsaw without a logger.
b)Porch & Co.is a newspaper distributing agency that has to deliver a total of 1,000 newspapers a week using two inputs: paperboys (labor)and newspaper vending machines (capital).If the firm hires an extra vending machine,it can replace one paperboy and still deliver the same number of newspapers.

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Definitions:

Routine Inquiry

A standard request for information or clarification on a common topic or issue, often conducted in a formal or business setting.

Goodwill

The intangible asset that arises as a result of the acquisition of one company by another for a premium value, as well as a general feeling of kindness or support.

Production

The process of creating, manufacturing, or producing goods and services.

Routine Inquiry

A standard or regularly occurring request for information or clarification.