Production isoquants and isocost line

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Reference no: EM1371976

1. A company uses two inputs to produce a final good. If the price of one of the inputs increases and the price of the other remains the same, how will this affect the firm's production isoquants? Its isocost line? Its use of the two inputs?

2. Given the total cost equation: C = 32 + 2Q^2, derive equations for
a. Average total cost.
b. Average variable cost.
c. Marginal cost.
d. Average fixed cost
e. What level of Q yields the minimum level of total average cost of production?

Reference no: EM1371976

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