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- Isocost abstract "In economics an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization. For the two production inputs labour and capital, with fixed unit costs of the inputs, the equation of the isocost line iswhere w represents the wage rate of labour, r represents the rental rate of capital, K is the amount of capital used, L is the amount of labour used, and C is the total cost of acquiring those quantities of the two inputs. The absolute value of the slope of the isocost line, with capital plotted vertically and labour plotted horizontally, equals the ratio of unit costs of labour and capital. The slope is:The isocost line is combined with the isoquant map to determine the optimal production point at any given level of output. Specifically, the point of tangency between any isoquant and an isocost line gives the lowest-cost combination of inputs that can produce the level of output associated with that isoquant. Equivalently, it gives the maximum level of output that can be produced for a given total cost of inputs. A line joining tangency points of isoquants and isocosts (with input prices held constant) is called the expansion path.".
- Isocost thumbnail Isoquant_isocost_graph.gif?width=300.
- Isocost wikiPageID "1301548".
- Isocost wikiPageRevisionID "540538466".
- Isocost hasPhotoCollection Isocost.
- Isocost subject Category:Costs.
- Isocost subject Category:Microeconomics.
- Isocost subject Category:Production_economics.
- Isocost type Abstraction100002137.
- Isocost type Cost113275847.
- Isocost type Costs.
- Isocost type Outgo113275288.
- Isocost type Possession100032613.
- Isocost type Relation100031921.
- Isocost type TransferredProperty113252973.
- Isocost comment "In economics an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization.".
- Isocost label "Isocost".
- Isocost label "Isocosto".
- Isocost label "Isokostengerade".
- Isocost label "Izokoszta".
- Isocost label "Изокоста".
- Isocost sameAs Izokosta.
- Isocost sameAs Isokostengerade.
- Isocost sameAs Isocost.
- Isocost sameAs Isocosto.
- Isocost sameAs Izokoszta.
- Isocost sameAs m.04r54d.
- Isocost sameAs Q1674453.
- Isocost sameAs Q1674453.
- Isocost sameAs Isocost.
- Isocost wasDerivedFrom Isocost?oldid=540538466.
- Isocost depiction Isoquant_isocost_graph.gif.
- Isocost isPrimaryTopicOf Isocost.
