In production analysis, what distinguishes the Isoquant curve from the Isocost curve?
1
The Isoquant curve represents the relationship between the price of inputs and the number of inputs used, while the Iso cost curve represents the relationship between the price of output and the quantity of output produced.
2
The Isoquant curve represents the combinations of inputs that result in the same level of output, while the Iso-cost curve represents the combinations of inputs that result in the same cost of production.
3
The Isoquant curve represents the levels of output that can be achieved with the same amount of inputs, while the Iso cost curve represents the different combinations of inputs that result in the same level of output.
4
The Isoquant curve represents the relationship between the number of inputs used and the quantity of output produced, while the Iso cost curve represents the relationship between the number of inputs used and the cost of production.