Noel's sandwich shop incurs these costs while in business: $6,000 in wages, $2000 on leasing equipment; $3,000 on leasing the building; $2,000 on food, and $1,000 on utilities. All of these costs, with the exception of leasing costs on equipment and the building, can vary, depending on how many sandwiches Noel sells. What is the sunk cost for this sandwich shop?

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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.