Chapter 1. eFigure 6.3

eFigure
Isoquants
true
true
You must read each slide, and complete any questions on the slide, in sequence.
E-Figure Title

Question 1.1

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100
Correct! The short run production function describes how production changes as one input changes, labor. Accordingly, the axes for the short run production function are labeled with labor and output. The isoquants describe all the levels of capital and labor that can produce the same level of output. Accordingly, the axes are labor and capital.
Incorrect! The short run production function describes how production changes as one input changes, labor. Accordingly, the axes for the short run production function are labeled with labor and output. The isoquants describe all the levels of capital and labor that can produce the same level of output. Accordingly, the axes are labor and capital.

Question 1.2

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100
Correct! The downward slope of the isoquant reflects all combinations of capital and labor that produce the same level of output. Equivalent output may be produced using different combinations of inputs and the isoquant maps these points in labor-capital space for a fixed amount of output.
Incorrect! The downward slope of the isoquant reflects all combinations of capital and labor that produce the same level of output. Equivalent output may be produced using different combinations of inputs and the isoquant maps these points in labor-capital space for a fixed amount of output.

Question 1.3

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100
Correct! The similarities between isoquants and indifference curves include all of these characteristics. Additional inputs to production are less and less productive, while consumption of additional units of a good brings less and less incremental happiness. Moreover, a mix of inputs (some labor and some capital) generally lets a firm produce more output than an extreme amount of one input and a tiny amount of another, just as consumers generally receive more utility from a mix of goods rather than an extreme quantity of one and tiny amount of another.
Incorrect. The similarities between isoquants and indifference curves include all of these characteristics. Additional inputs to production are less and less productive, while consumption of additional units of a good brings less and less incremental happiness. Moreover, a mix of inputs (some labor and some capital) generally lets a firm produce more output than an extreme amount of one input and a tiny amount of another, just as consumers generally receive more utility from a mix of goods rather than an extreme quantity of one and tiny amount of another.

Question 1.4

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100
Correct! An isoquant describes all the combinations of capital and labor that give the firm the same level of output while an indifference curve describes all the combinations of consumption goods (such as apartment size and number of friends living in the building) that give a consumer the same level of utility.
Incorrect! An isoquant describes all the combinations of capital and labor that give the firm the same level of output while an indifference curve describes all the combinations of consumption goods (such as apartment size and number of friends living in the building) that give a consumer the same level of utility.