The short-run cost function of a company is given by the equation TC=200+55q, where TC is the total cost and q is the total quantity of output, both measured in thousands. What is the company’s fixed cost? If the company produced 100,000 units of goods, what is its average variable cost? What is its marginal cost per unit produced? What is its average fixed cost?

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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.