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How does a firm use isoquants and isocosts to choose the optimal combination of inputs?...

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Accounting

How does a firm use isoquants and isocosts to choose the optimal combination of inputs? Is it valid to assume that the market in which the firm is operating is perfectly competitive? Why or why not? If the market is not perfectly competitive, will the isoquant/isocost analysis be distorted? Why or why not?

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