Isocost

Rarity: Common

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At a glance

Class

Notion

Domain

Science and technology

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What Wikipedia says

In economics, an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization.

Excerpt from the Wikipedia article “Isocost”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: DavidLevinson, CC BY-SA 3.0, via Wikimedia Commons.