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QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by:QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sellQUESTION 3 A factory produces product A according to the production function QA = 100X A, where X A denotes the amount of inpQUESTION 4 If output is produced according to Q = 30 L + 12 K, then the output elasticity is: (Hint, this is asking about retQUESTION 5 If the production function is Q = KL and capital is fixed at 1 unit, then the marginal product of labor when L = 2

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As HOMEWORKLIB guideline answering the 1st 4 questions. Please leave a like if you find it helpful.

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