G 1-26 A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable and environmentally conscious for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan A B C D Direct Cost/Acre $750 800 1000 1300 Extra-market Cost/Acre $150 450 250 200 Income/Acre $1200 1400 1500 1650 The last page of the college's study was torn off, and hence the farmer is not sure which plan the agricultural college recommends. Which plan should the farmer adopt considering: (a) only the direct costs, (b) both the direct and extra-market 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.