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What is the characteristics of isocost?
l Characteristics of isocost curves:Ø An infinite number of isocost curves exist. One for each level of total cost.Ø The slope of the isocost curve is equal to the negative of the relative input price ratio, . This ratio is important because it tells the manager how much capital must be given up if 1 more unit of labor is purchased.
How does the concept of isoquant and isocost in microeconomics can contribute to cost minimization?
rererere
What is the difference between isocost and isoquant curve?
All the combination of capital and labour that can be used to produce a given amount of output is called an isoquant.All the combinations of capital and labour that are available for a given cost is called an isocost.
Cigarettes taxes effect is it microeconomics or macroeconomics?
macro economics
Market structure in Economics?
the size and the form of a market that is able to effect the demand and supply is known as market structure in economics.
What is the difference between an isocost curve and an isocost line?
the answer
How producers equilibrium is achieved with isoquant and isocost curves?
producers equilibrium is achieved with isoquants and isocost curves
What is the characteristics of isocost?
l Characteristics of isocost curves:Ø An infinite number of isocost curves exist. One for each level of total cost.Ø The slope of the isocost curve is equal to the negative of the relative input price ratio, . This ratio is important because it tells the manager how much capital must be given up if 1 more unit of labor is purchased.
What is isocost?
isocost is really aline that demonstrates the combination of inputs that can be used however each combination has the same cost
How does the concept of isoquant and isocost in microeconomics can contribute to cost minimization?
rererere
What is the difference between isocost and isoquant curve?
All the combination of capital and labour that can be used to produce a given amount of output is called an isoquant.All the combinations of capital and labour that are available for a given cost is called an isocost.
ISOcost line is also called as profit line?
The ISOcost line shows combinations of inputs that yield the same level of cost. It is not the same as the profit line, which represents combinations of outputs that generate the same level of profit. Profit lines are typically used to analyze profit-maximizing decisions, while ISOcost lines are used to analyze cost-minimizing decisions.
Causes and effect of stress in teaching economics as a subject in senior secondary schools?
teaching economics as a subject
What are the effect of tourism in the society?
Generally, it's better economics.
Cigarettes taxes effect is it microeconomics or macroeconomics?
macro economics
Market structure in Economics?
the size and the form of a market that is able to effect the demand and supply is known as market structure in economics.
What is the learning effect?
In economics, the learning effect is the process by which education increases productivity and results in higher wages.
