Question

what is isocost line? Is isocost line is convex to the origin?​

Answer 1

Answer:

An isocost line is a line that represents all combinations of a firm's factors of production that have the same total cost. Factors of production are generally classified as either capital (K) or labor (L).

Explanation:

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Answer 2

Explanation:

An isocost line is a line that represents all combinations of a firm's factors of production that have the same total cost. Factors of production are generally classified as either capital (K) or labor (L).

An isoquant must always be convex to the origin. This is because of the operation of the principle of diminishing marginal rate of technical substitution. MRTS is the rate at which marginal unit of an input can be substituted for another input making the level of output remain the same.

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