Economics: Other Economics Problems – #266


Question: Determine the minimum cost production mix for the following set of isoquants (equal production levels) and labor and capital -combinations.

Quantity Labor Capital Price of Labor Price of Capital
10 50 30 $12/unit $190/unit
10 30 45 8/unit 200/unit
10 15 50 7/unit 215/unit
20 170 35 $18/unit $195/unit
20 120 45 12/unit 200/unit
20 30 65 8/unit 220/unit
30 300 40 $25/unit $195/unit
30 150 60 15/unit 215/unit
30 100 75 12/unit 230/unit
40 600 40 $35/unit $195/unit
40 300 65 25/unit 220/unit
40 150 90 15/unit 235/unit

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