1. Draw a production isoquant given that y = 500 for the following production functions: a. y(K, L) = 5K + 2L b. y(K,L)= K²L c. y(K,L) = K¹/21/2 d. y(K,L) = min (2K, L)

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.