Question

what are the role of isocost lines in isoquant ? How does it affect the production​

Answer 1

Answer:

If at another point on the same isoquant, the MPL = 2, while the MPK = 1, the firm needs to replace a unit of capital with only half unit of labour. An isocost line shows the alternative quantities of two factors viz., capital and labour that can be purchased or hired with a fixed sum of money.

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