Review the Ledger-Enquirer news article located in Module 8 entitled: "Chick-fil-A begins construction ...". 1. Identify examples of two fixed costs and two variable costs the restaurant may incur once it begins operations. 2. The restaurant expects to hire over 150 employees. Why would employee work scheduling be an important part of this process? *HINT: Be sure to incorporate the concepts of Marginal Product of Labor and Diminishing Marginal Returns of an input in your discussion.

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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.