Isocost
id:
isocost-274-3199631
title:
Isocost
text:
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 is where w represents the wage rate of labour, r represents the rental rate of capital, K is the amount of capit
brand slug:
wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Isocost
date created:
date modified:
2022-08-16T02:26:21Z
main entity:
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image:
{"content_url":"https://upload.wikimedia.org/wikipedia/commons/1/1f/Isoquant_isocost_graph.png","width":445,"height":348}
fields total:
13
integrity:
14