Implicit Function Theorem
Not what you're looking for?
Use the Implicit Function Theorem to derive an equation for the slope of the isoquant associated with this production function.
12. You have the following production function for good X:
where output (Q) is fixed at a specific level, K is the quantity of capital and L is the quantity of labor used to produce good X. The isoquant associated with this function tells us how much capital and labor must be used to produce our given level of output.
a. Use the Implicit Function Theorem to derive an equation for the slope of the isoquant associated with this production function.
Purchase this Solution
Solution Summary
The solution answers the question(s) below. The implicit function theorems are examined. The expert derives an equation for the slope of isoquant association.
Solution Preview
The slope of the isoquant is: dK/dL
First, from the production function, we can ...
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.