Question 1
The least costly way to produce any given level of output is indicated by
◦ the point of intersection between the isoquant corresponding to that level of output and the
Y-axis.
◦ the point of intersection between the isoquant corresponding to that level of output and the
X-axis.
◦ the point of tangency between an isocost line and the isoquant corresponding to that level of output.
◦ the isocost line corresponding to that level of output.
Question 2
The point of tangency between an isocost line and an isoquant is necessarily
◦ the profit-maximizing combination of inputs that should be hired to produce that output level.
◦ the least costly combination of inputs that can be hired to produce the output level.
◦ both the profit-maximizing and least costly combination of inputs that can be used to produce the output level.
◦ the minimum amount of output that can be attained for that level of expenditure.
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