The Iso-cost line plays an important role in determining the combination of factors that the firm will choose for production. An Iso-cost line is defined as a curve representing various combination of two factors, which the firm can buy with given outlay.
Higher Iso-cost lines represent higher outlays (total cost) and lower isocost lines represent lower outlays. The Iso-cost line depends on two things:
Higher Iso-cost lines represent higher outlays (total cost) and lower isocost lines represent lower outlays. The Iso-cost line depends on two things:
- Prices of the factors of production.
- The total outlay, which a firm has to make on the factors of production.
A liability insurance policy is not intended to provide policyholders a means to shift to the insurer their separate, voluntarily undertaken contractual obligations. Private company D&O insurance policies generally embody this principle in a separate exclusionary provision. However, the wording of the exclusionary clause can substantially affect the scope of coverage otherwise available under the policy. In particular, the expansive reading given certain exclusionary language in recent cases suggests that a more narrowly constructed exclusion would more appropriately address the concern that the provision was originally intended to address.
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