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Summary ECO2003F UCT $11.23
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Summary ECO2003F UCT

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  • February 7, 2024
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Cost in the
long RUI


OTC C
C nkt wh

Solving for K
K
G EL
Vertical intercept Slope of
of the isoost
the isocost line
line

note the slope of the iso cost is
simply the relative
price of labour in terms of capital


Optimal
Mmmm
f

, Isoost cones

Fa the isocost Imes is the locus
given input prices
of all possible input bundles that can be purchased for a


given
level of total expenditure



80 Maximum Output
A 8mm that is to produce the longest possible
trying
output for a expenditure of c will select the input combination

at which the isocost line for C is
tangent to a



isoquart

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