A laundry cleans white clothes using a production function q = B + 2G, where B is the number of cups of Clorox bleach, G is the number of cups of a generic bleach that is half as potent, and q is the basketfuls of clothes that are cleaned. Draw an isoquant for one basketful of clothes. What is the marginal product of B? What is the marginal rate of technical substitution at each point on an isoquant?

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.