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Q. Show the Isoquant touching axis?
Isoquants do not intersect: By definition isoquants such as indifference curves, can never cut each other. If they cut each other it will be a logical contradiction.
Isoquants cannot touch either axis: If an isoquant touches any axis just like in Figure below, it would mean that output can be produced with the help of one factor. It is unrealistic since output can't be produced only by capital or labour alone.
Figure: Isoquant touching axis
Q. Describe the Public Utility Monopoly? Public Utility Monopoly: Governmental authorities seize complete management and control of some utilities to protect social interest
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An Economy consists of two regions, the North & the South. The short-run elasticity of labor demand in every region is -0.5. Labor supply is perfectly inelastic within both regions
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