Economics Asked by ecococo on April 19, 2021
$f(x_1,x_2) = min {x_1,x_2} + x_2$ if that was the production, what would the isoquant be?
Would it simply follow $x_1 = x_2$? I’m not entirely sure what it the graph would look like.
An isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs.
Having production function: $f(x_1, x_2) = min {x_1, x_2 } + x_2$ for $x_i in [1, 10]$
We can produce isoquants for varying number of inputs. Below you will find 10 isoquants for quantities ranging from 1 to 10 (keep in mind that $Q = 1$ and $Q = 2$ are overlapping). I hope it helps to visualize the problem.
Answered by An economist on April 19, 2021
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