# 2. (a) Given a firm's production function, what are properties of isoquants and the basis for...

###### Question:

2. (a) Given a firm's production function, what are properties of isoquants and the basis for substitutability of inputs (capital and labor)? (b) Show and discuss the choice of input combinations and the requirement for cost minimization. (c) What happens if the price of an input, such as labor, increases? Show graphically and explain.

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