In October 2024
Answer to Question #277882 in Microeconomics for Thilini
what is the meaning of isocost slope? Provide a mathematical explanation.
The slope of an iso-cost line is equal to the slope of an isoquant since the slope of an isoquant tells the firm how much capital is needed to replace a unit of labor to maintain the output while the slope of an iso-cost line shows the relative price of the inputs.
"slope=W\/r"
Where W is price of labour
r is the price of capital
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