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Compare the isocost / isoquant analysis of the Producer Theory with indifference curve / budget line analysis of the consumer theory. Show using graphs how
Compare the isocostisoquant analysis of the Producer Theory with indifference curvebudget line analysis of the consumer theory. Show using graphs how optimal point is found in both analysis and how optimal point changes when budget line or isocost lines change. Discuss to what extend the two models are able to represent the behavious of a consumer and a company.
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