Using the numbers representing short run costs in the chart below, calculate the number that belongs in the blank space. q = quantity, TFC = Total Fixed Cost, TC = Total Cost, MC = Marginal Cost %3D Recall that an "X" in the chart means that no number goes in that space. TFC TC MC 200 300 200 450 150 200 570 120 200 670 100 4 200 780 110 200 900 6. 200 1040 140 2. 3.

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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.