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Workers tractor - PowerPoint PPT Presentation

Isoquants, Isocosts and Cost Minimization Overheads

Isoquants, Isocosts and Cost Minimization Overheads. We define the production function as. y represents output. f represents the relationship between y and x. x j is the quantity used of the jth input. (x 1 , x 2 , x 3 , . . . x n ) is the input bundle.

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Workers tractor - PowerPoint PPT Presentation

Isoquants, Isocosts and Cost Minimization Overheads