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The Cobb-Douglas function for a new product is given by Y(L,K) =3L 0.2 K 0.
The Cobb-Douglas function for a new product is given by
Y(L,K) =3L0.2 K0.8
where L is the number of units of labour and K is the number of units of capital required to produce Y(L,K) units of the product.
A1. (2 marks) In L,K space, where labour is on horizontal axis ranging from 0 to 10 and capital is on the vertical axis ranging from 0 to 10, depict all possible combinations of L and K resulting in production levels of 5, 10, 15, and 20 units. [These curves are called isoquants]. In a single graph you should have four curves (one for each production level).
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