Question 2. A firm has the production function q = L¹/2K¹/2. The firm can purchase labor, L at a price w = 16, and capital, K at a price of r = 25. a) What is the firm's total cost function? b) Sketch the graph of the firm's isoquant for q = 10 units of output, and on the same graph sketch the firm's isocost line associated with the total cost of producing q = 10 units of output. Make sure your graph is neatly and accurately drawn and carefully labeled.

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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.