ose a firms marginal cost of production are constant at 100 per unit. And the total fixed cost is 1500. Find the firms total cost function, total variable cost function, average fixed function, average variable cost function, and average total cost function.

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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.