Look up: Isocost


  1. Isocost
    where w represents the wage rate of labour, r represents the rental rate of capital, K is the amount of capital used, L is the amount of labour used, and C is the total cost of acquiring those quantities of the two inputs. The isocost line is combined with the isoquant map to determine the optimal ...
    Found op http://en.wikipedia.org/wiki/Isocost

  2. Isocost
    In economics, the isocost is the set of combinations of goods that have the same total cost; this can be represented by a curve on a graph. In producer theory isocosts refer to inputs and, making certain assumptions, there will be a unique minimum cost of producing a given level of output, which can...
    Found op http://www.probertencyclopaedia.com/browse/JI.HTM

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