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Suppose you are reviewing an isocost graph.  The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.  If someone tells you the y intercept for an isocost line representing expenditures of $1,000,000 dollars occurs at 4 units, and the x intercept for the same isocost line is 5 units, what does that mean?

1938_labour units.jpg

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9161690

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