An isocost line represents: all the combinations of inputs to a production proce

Question

An isocost line represents:

all the combinations of inputs to a production process that result in the same total costs of production.

all the combinations of inputs that result in the same amount of output.

all of the combinations of two inputs for which the amount of money spent on each of the inputs is equal.

all of the levels of output that result in the same total cost.

all the combinations of inputs to a production process that result in the same total costs of production.

all the combinations of inputs that result in the same amount of output.

all of the combinations of two inputs for which the amount of money spent on each of the inputs is equal.

all of the levels of output that result in the same total cost.

Explanation / Answer

An isocost is the locus of points showing the combinations of input that will result in the same cost in the production process. The isocost line is the graphic represwntation of the objective function of a cost minimizing producer.

Thus An isocost line represents:all the combinations of inputs to a production process that result in the same total costs of production.

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