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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
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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