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On an isoquant/isocost graph, the least cost input combination of producing a given output is

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On an isoquant/isocost graph, the least cost input combination of producing a given output is

Question 1.

Suppose the price of capital and labor remain constant. As a firm's expenditures for capital and labor increase, its isocost line

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shifts in parallel to the original isocost line.

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shifts out parallel to the original isocost line.

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rotates outward on the X-intercept.

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rotates outward on the Y-intercept.

Question 2.

On an isoquant/isocost graph, the least cost input combination of producing a given output is

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given by the tangency between the isoquant curve and the isocost line.

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any point on the isocost line.

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any point on the isoquant curve.

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one of the intercept values on the graph.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

Read 105 times

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