In: Economics
Q1. a. Isoquants are used in the study of microeconomics to measure the influence of inputs on a given level of production or output that can be achieved. Using a suitable diagram, explain why isoquants cannot cross each other.
b. As the new Farm manager at a Ranch, you are faced with the production function for the production of Cattle hides and Beef
i. Define the relationship between the two products.
ii. Draw a production possibility curve depicting the relationship between these two products
tthis explanation is reagarding question(A)
explanation regarding the second problem(b) both (i) and (ii)