With higher cost, the isocost line moves out Isoquants and isocost lines We can combine isoquants and isocost lines to help us determine the least cost input combination The idea is to be on the lowest isocost line that allows production on a given isoquant Combine an isoquant with several...
Which of the following is never negative? a. slope of the isocost lines b. the marginal rate of technical substitution c. marginal product d. production elasticity e. average product What is MRTS? a. Minus one times the ratio of marginal p...