Q1 a) Given a production function depicting the response of paddy rice to fertilizer application, Y = 3X+ 9X2 - X3 (i) Calculate the exact MPP and APP. (ii) At what level of fertilizer input(X) does MPP, APP and TPP reach their maximum va

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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.