Assume 1.5 tons of input (i.e., rough lumber) is required to produce 1 ton of custom cabinetry. Additionally, assume the ton-mile freight rate for finished cabinetry is $0.5 whereas the ton-mile freight rate for rough lumber is $0.25. • Is cabinet mfg. weight losing or weight gaining? Briefly explain. • What explains the relatively high ton-mile shipping cost for finished cabinets? • Should a cabinet manufacturer locate next to its inputs or market? Explain with the aid of a diagram depicting procurement, distribution costs, and total transportation costs.

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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.