Q48 If the marginal product of labor divided by the price of labor is less than the marginal product of capital divided by the price of capital, a firm could minimize costs by Group of answer choices buying less labor and more capital. buying more labor and less capital. continuing to buy the current combination of labor and capital. doubling the amount of labor.

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.