9 - Costs
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6 Terms
1
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Draw the labour curve
2
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Draw variable costs
3
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Draw MC and TC
What is the formula for MC
4
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Draw an Isocost line
Why does it take that shape
All combinations of L and K add up to same cost
5
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what is an isocost
what is an isoquant
A line where every combination on the line has the same cost
A curve where each combination of resources on the curve produces the same output/ QUANTity
6
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Use isocost/ quant to show an increase in production
Draw the output expansion path
Note 
Flashcards (90)