À firm minimizes its production costs, subject to a given output level, at that point where a. the isocost curve intersects the horizontal axis b. the isoquants shift away from each other. c. the isocost curve intersects the highest isoquant. d. an isoquant is tangent to the isocost curve.

À firm minimizes its production costs, subject to a given output level, at that point where a. the isocost curve intersects the horizontal axis b. the isoquants shift away from each other. c. the isocost curve intersects the highest isoquant. d. an isoquant is tangent to the isocost curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

A firm minimizes its production costs, subject
to a given output level, at that point where a.
the isocost curve intersects the horizontal axis
b. the isoquants shift away from each other. c.
the isocost curve intersects the highest
isoquant. d. an isoquant is tangent to the
isocost curve.

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