Suppose that a firm has a production function given by: q= 10 L² K. The firm has 10 units of capital in the short run. Which of the following will describe the marginal product of labor (MPL) for this production function? Select one: a. Constant Marginal Returns to Labor b. Increasing Marginal Returns to Labor O c. Decreasing Marginal Returns to Labor

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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.