What is meant by “Cost Minimisation”? Explain how a rational producer maximizes his profits using Isoquant and Isocost line.

Cost Minimisation and Profit Maximisation in Intermediate Microeconomics

Cost minimisation is a fundamental concept in microeconomics, particularly concerning a firm's production decisions. It refers to the process by which a producer aims to produce a given level of output at the lowest possible cost. To achieve this, a rational producer must make strategic decisions regarding the combination of inputs used in production.

### Isoquant and Isocost Line

To understand how a rational producer minimizes costs and maximizes profits, we use the concepts of isoquants and isocost lines. 

1. Isoquant:

An isoquant represents all the combinations of inputs (typically labor and capital) that produce a given level of output. ____ ________ __________ ________ ________.
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