RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook isocost line a line showing combinations ofFACTOR INPUTSthat can be purchased for the same total money outlay. SeeISOQUANT CURVE. Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies ...
Isocost Isocost v. Isoquant Graph In economics an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximizati...
Business Economics Production function What is the relationship between the isocost line and the production function?Question:What is the relationship between the isocost line and the production function?Production function:It shows the relationship between the output and inputs which are ...
IsocostIsocostv.IsoquantGraphIneconomicsanisocostlineshowsallcombinationsofinputswhichcostthesametotalamount.Althoughsimilartothebudgetconstraintinconsumertheory,theuseoftheisocostlinepertainstocost-minimizationinproduction,asopposedtoutility-maximization.Forthetwoproductioninputslabourandcapital,withfixedunitcostsofthe...