How are Isoquants different from Isocost? Illustrate using graphs.  

Isoquants and isocosts are two important concepts in managerial economics that help in understanding the relationship between inputs and costs in the production process. While both are used to analyze production and cost behavior, they differ in terms of their definition, purpose, and representation.

An isoquant represents all the different combinations of two inputs (such as labor and capital) that produce the same level of output. It is similar to an indifference curve in consumer theory, where the consumer is indifferent to the combinations of goods that yield the same satisfaction. The key point about isoquants is that they show the technical _____ ____ _______ __________ _________.
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