Total product (meals per hour) 24 20 TP 16 12 8. 2 3 4 Quantity of labor (workers) The figure shows the total product curve for the Fruit Bowl food truck. If the food truck increases production from 10 to 17 meals per hour, the marginal product is in the range where it and the marginal product is the average product. O A) increases; greater than B) decreases; greater than C) increases; is equal to D) does not change; is equal to E) increases; less than

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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.