Complete the following table and what production technique should this firm use: Assuming the price of capital (k) is $5 and the price of labor (L) is $10, and the price of commodity (Q) is $3.   Technique Q L K TR TC Profit(π) A 50 10 6       B 50 9 8       C 50 5 10       D 50 12 8       E 50 2 10       F 50 7 12

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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.