Title: On an isoquant/isocost graph, the least cost input combination of producing a given output is Post by: ujesssss on Oct 9, 2019 Question 1. Suppose the price of capital and labor remain constant. As a firm's expenditures for capital and labor increase, its isocost line ▸ shifts in parallel to the original isocost line. ▸ shifts out parallel to the original isocost line. ▸ rotates outward on the X-intercept. ▸ rotates outward on the Y-intercept. Question 2. On an isoquant/isocost graph, the least cost input combination of producing a given output is ▸ given by the tangency between the isoquant curve and the isocost line. ▸ any point on the isocost line. ▸ any point on the isoquant curve. ▸ one of the intercept values on the graph. Title: On an isoquant/isocost graph, the least cost input combination of producing a given output is Post by: nick1116 on Oct 9, 2019 Content hidden
Title: On an isoquant/isocost graph, the least cost input combination of producing a given output is Post by: ujesssss on Oct 9, 2019 Thanks
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