00:01
So first of all, let's remind ourselves what an isoquent is.
00:03
A isoquant means literally same quantity.
00:08
So we are thinking about combinations of k and l that generate the same quantity, right? so let's do this very easily, right? let's set q is equal to 15.
00:20
We also know that q is equal to 0 .5l plus 0 .3k.
00:27
So one option would be l equals 30, k equals 0, and that would give us q equals to 15.
00:35
Another option would be k is equal to 45, 48.
00:45
I'm an idiot, 50, right? 50 times 0 .3 is 15.
00:51
L equals 0.
00:53
This will also give us q is equal to 15.
00:55
Another point that works would be l is equal to 15.
00:59
K is equal to 25, right? because this gives us 15 times 0 .5 plus 0 .3 times 25, which is equal to 7 .5 plus 7 .5 is equal to 15.
01:17
So what we've got going on here is if i draw these in terms of capital and labor, right? you can say, look, we have 50 and 0...