Problem
1. Why does the "sunkness" or "nonsunkness" of a cost depend on the decision being made?
2. How does an increase in the price of an input affect the slope of an isocost line?
3. Could the solution to the firm's cost-minimization problem ever occur off the isoquant representing the required level of output?
4. What is the difference between the expansion path and the input demand curve?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.