What does the shape of an isoquant show

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Reference no: EM133396461 , Length: 100 Words

3.63001 Business Economics

Question 1. What is the rational for the optimal use of a variable input? Discuss with the help of a graph

Question 2. What does the shape of an isoquant show? Explain its importance in Business Economics.

Question 3. (a) Do fixed costs refer to the short run or to the long run? Why? (b) Why does the MC curve intersect from the below the AVC and ATC curves at their lowest points? (c) How can the AFC, AVC, ATC, and MC curves be derived geometrically?

Question 4. Discuss the plant size and economies of scale with the help of examples.

Reference no: EM133396461

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What does the shape of an isoquant show : 3.63001 Business Economics What is the rational for the optimal use of a variable input? Discuss with the help of a graph

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