A firm can produce a certain output with either 5 units of input A and 3 units of input B or 3 units of input A and 6 units of input B. If the price of input A is \$2,000 per unit and the price of input B is \$1,000 per unit, which combination is more cost-effective?

If a firm has a budget of \$50,000 and the price of labor is \$5,000 per unit, what is the maximum number of labor units the firm can afford?

A firm has a budget of \$60,000. If the price of input X is \$10,000 per unit and the price of input Y is \$5,000 per unit, which of the following combinations of inputs is feasible?

A manufacturing company is deciding between investing in new machinery or hiring additional workers to increase production. How can isocost lines assist in this decision?

Why is the point of tangency between an isocost line and an isoquant curve significant?

How does a firm determine the optimal input combination using isocost lines and isoquant curves?

What role do isocost lines play in production strategy?

A firm has a budget of \$80,000. If the price of input C is \$8,000 per unit and the price of input D is \$4,000 per unit, what is the maximum number of units of input D the firm can afford if it spends all its budget on input D?