Iso-Cost Line (ICL) of a Firm and Its Properties
In this article we will discuss about the iso-cost line of a firm and its properties. Iso-Cost Line (ICL) of a Firm: Equations (8.27) and (8.28) are the two different forms of the same equation. To make our analysis simple, we shall assume that (8.28) is the firm's iso-cost equation. This equation is: = rXx + rYy [eqn. (8.28)]. Since [...]