We assumes a firms production is determined on two inputs, capital(K) and labour(L). (a) Explain the following terms using a diagram. i. A Cobb-Douglas production function ii. Isoquants and Isocosts iii. The long-run equilibrium (b) Suppose that a firms out put is given by: _q _= _αLK_2

/in /by

We assumes a firms production is determined on two inputs,
capital(K) and labour(L).

(a)    Explain the following terms using a diagram.

i.        A Cobb-Douglas production function

ii.      Isoquants and Isocosts

iii.   The long-run equilibrium

(b)   Suppose that a firms out put is given by:

_q _=
_αLK_2

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