Definition of Isocosts. Meaning of Isocosts. Synonyms of Isocosts

- total cost of inputs. A line joining tangency points of isoquants and isocosts (with input prices held constant) is called the expansion path. The cost-minimization...
- ****ociated with that isoquant. A line joining tangency points of isoquants and isocosts (with input prices held constant) is called the expansion path. Under the...
- remain constant." The points on an expansion path occur where the firm's isocost curves, each showing fixed total input cost, and its isoquants, each showing...
- production quantity for alternative combinations of input usages, and an isocost curve (also in the image at right) shows alternative usages having equal...
- segment is an isocost curve showing various amounts of labor and capital whose combined usage would cost a given amount unique to that isocost curve. Conditional...
- average, and marginal product curves marginal productivity isoquants & isocosts the marginal rate of technical substitution Production function inputs...
- the slope of the isoquant at the chosen point equals the slope of the isocost curve (see conditional factor demands). It is the rate at which one input...