Assuming two inputs, labor and capital, into a production process, the isocost lines shows

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    all possible combinations of labor and capital that can be purchased to produce a given output level of a good or service.
     the cost of all possible combinations of labor and capital that can be purchased for a given output level.
     the least cost combinations of labor and capital that can be purchased as output expands.
     all possible combinations of labor and capital that can be purchased for a given total cost.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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all possible combinations of labor and capital that can be purchased for a given total cost.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)



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