Summary
Summary ECO2003F UCT
- Course
- ECO2003
- Institution
- University Of Cape Town (UCT)
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Cost in thelong 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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