Create a table that describes the input combinations of labor and wheat flour used to make a particular cake. The number of employees is 0-6 people and wheat flour 100 kg - 1000 kg. Show at least 3 isoquants! Choose one of them and calculate its MRTS in at least two points!

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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.