Results for: Isoquant-curve

What is the difference between a production function and an isoquant?

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 (MORE)
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What is an isopreference curve?

they are used to determine the level of detail represented by the image. if the image has low level of detail, the curve will be more curved. If the image has high level of de (MORE)

What is an IS curve?

  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 (MORE)

What is an isoquant?

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 (MORE)

What are the types of isoquants in microeconomics?

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 (MORE)

What are the properties of isoquants?

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 (MORE)

Difference between isocost and isoquant?

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 (MORE)
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Is isoquant always positively inclined?

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 (MORE)