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A Production function tells you how much output you can produce for every combination of inputs. An Isoquant is a curve that shows all possible combinations of input that yi…eld the same output Example of production function: (Q = output L= Labor K = Capital) Q = K + 5L for the isoquant for example, using the production function above, we want to find which levels of input would yield Q = 20 20 = K + 5L if K = 5, then L = 3 and if K = 10, then L = 2, your output would still be the same and that's your isoquant. But for your production function your output can have different values so you'd have multiple isoquant curves and multiple isoquant curves already describe an isoquant map (Isoquant map - shows a number of isoquant curves in a single graph, describing a production function) Hope my explanation wasn't too confusing... (MORE)

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It is the locus of combinations of the interest rate and the level of real national income for which desired aggregate expenditure equals actual national income.So calle…d because, in a closed economy with no government, it also reflects the combinations of the interest rate and national income for which investment equals saving, I=S. In general, it reflects points for which injections equal withdrawals. (MORE)

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In Geometry

An isoquant (derived from the Greek word 'iso' means 'equal' and 'quant' means 'quantity') is a contour line drawn through the set of points which consist of different combina…tions of Labour (L) and Capital (K) at which the same quantity of output is produced by changing the quantities of two or more inputs. In other words, isoquant shows all the input points required to produce same level of output. It represents the combinations of inputs that can produce same quantity of output; producers will be indifferent between them. A higher isoquant refers to a greater quantity of output and a lower one, to a smaller quantity of output. Hence it is also known as "Production indifference curve", or "Equal product curve", or "Isoproduct curve". (MORE)

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In Uncategorized

isoquant is the locus of the all the combination of two factorof production that yield the same level of the output

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Linear Isoquant: This type assumes perfect substitutability of factors of production: a given commodity may be produced by using only capital, or only labour, or by an infinit…e combination of K and L.Input-Output Isoquant: This assumes strict complementarity[that is, zero substitutability] of the factors of production. The isoquant take the shape of a right angle. This type of isoquant is also called 'Leontief isoquant' after Leontief, who invented the input-output ananlysis.Kinked Isoquant: This assmes limited substitutability of K and L. There are only a few processes for producing any one commodity. Substitutability of factors is possibleonly at the kinks. This form is also called 'activity analysis-isoquant' or 'linear-programming isoquant', because it is basically used in linear programming.Smooth , Convex Isoquant: This form assumes continuous substitutability of K and L only over a certain range, beyond which factors cannot substitute each other. The isoquant appears as a smooth curve convex to the origin. (MORE)

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In Economics

The further the Isoquant is from the origin, the greater will be the level of output (i.e a higher isoquant represent a higher level of output) Two Isoquants can never inter…sect each other Isoquants always slopes downward (MORE)

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In Uncategorized

when the elasticity of substitution is infinity the isoquant will be a straight line sloping downward towards right.

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In Technology

show how the price elasticity of demand is graphically measured along a liner demand curve?

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In Economics

Isocost is the locus of all combinations of factors of production the firm can purchase with a given monetary cost outlay. Isoquant is the locus of all the technically efficie…nt methods or all the combinations of factors of production for producing a given level of output. (MORE)

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In Science

Following are the properties of Isoquant Curves, 1. Convex to the origin. 2. Slopes downward to the right. 3. Never parallel to the x-axis or y-axis. 4. Never horizontal to… the x-axis or y-axis. 5. No 2 curves intersect each other. 6. Each iso quant is a part of an oval. 7. It cannot have a positive slope. 8. It cannot be upward sloping. Anonymous (MORE)