Using the numbers representing short run costs in the chart below, calculate the number that belongs in the blank space. q = quantity, TFC = Total Fixed Cost, TVC = Total Variable Cost, AVC = Average Variable Cost Recall that an "X" in the chart means that no number goes in that space. TFC TVC AVC 300 1 300 150 75 2 300 270 135 300 370 123.33 4 300 480 300 650 130 300 840 140 6

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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.