3. Self-Test # 3, Qs (Wed 19 May).docx - ECON 222...

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ECON 222: MATHEMATICS FOR BUSINESSAssessment 2: Tutorial QuestionsSelf-Test # 3Question 1What is false in the following reasoning? “The mathematical fact that the slope of an isocost line is the negative of the relative price of labour in terms of capital is illuminating. If the input prices remain constant, the slope ofthe isocost lines cannot change. This means that changes in relative prices will change the slope of the isocost lines, and therefore, whenever there is a change in the input prices theslope of the isocost lines will change.” Question 2Imaging a steel company with a production function

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