5. Suppose that labor cost P350.00 per day and rental price of capital cost is P2,000.00 per unit. The least-cost combination of capital and labor are as follows: Output Labor (L) Capital (K) 1,000 5 10 2,000 6 12 3,000 8 14 4,000 10 16 5,000 12 19 Compute the firms long run total cost of production for each amount of output the firm produced.

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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.