Q1. If fixed cost (FC) is $50, variable cost (VC) is $100, and output (quantity) is 3, what is average total cost (ATC)? Q2. When a company triples all of its inputs, its Longrun Average Cost (LAC) goes up. The firm has economies of scale or diseconomies of scale?

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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.