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3D Production Function

This document shows isoquants and production function graphs. Isoquants represent different levels of output and show the combinations of capital (K) and labor (L) needed to produce that output. The production function graphs show the maximum output possible for different fixed levels of one input (either K or L) as the other input varies.

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Richard Pill
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56 views

3D Production Function

This document shows isoquants and production function graphs. Isoquants represent different levels of output and show the combinations of capital (K) and labor (L) needed to produce that output. The production function graphs show the maximum output possible for different fixed levels of one input (either K or L) as the other input varies.

Uploaded by

Richard Pill
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Holding

output fixed Isoquants for different output levels

f(K,L)
f(K,L)

f(K,L)
K K
L K L L

Holding one input fixed Prod. Fn. for different fixed input levels
f(K,L)

f(K,L)

f(K,L)
K L K K
L L

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