Asked by
japheth kipruto
on Nov 04, 2024
Verified
A firm's isocost line shifts parallel outward from the original isocost line as its
A) total cost for capital and labor increases.
B) total cost for capital and labor decreases.
C) total cost for capital increases and its total cost for labor decreases.
D) total cost for capital decreases and its total cost for labor increases.
Isocost Line
A graphical representation in economics that shows all possible combinations of inputs that have the same total cost.
- Apply the concept of isocost lines in analyzing changes in production costs.
Verified Answer
ST
Learning Objectives
- Apply the concept of isocost lines in analyzing changes in production costs.