You know the feeling of opening a dial lock after desperately working it for hours with a variety of incorrect combinations? That's how watching this video felt. Thank you so much for this.
Generally, larger production firms do estimate production functions to estimate the marginal productivities of inputs and use this information to determine the appropriate mix of the inputs.
What are the calculus to minimise cost when the price of labour is 40 and price of capital equals 1.000? You can't simply put it in the graph as you did without knowledge
professor wants us to have a firm understanding on steeper-shallower slopes alongside the greater/less than MPK/PK and MPL/pL... so if MPK/PK > MPL/PL then we're at point 'C' in the graph of the video and the isoquant curve's slope is shallower than the slope of the isocost curve.