negative slope, convexity to its origin
Linear isoquant [perfect substitutability of factors of production], Input-output isoquant or Leontif isoquant [no substitution or strict complementarity; only one efficient method of production] are exceptions to isoquant convexity to the origin. Kinked isoquant is of limited substitutability at kinks. But if kinks come closer and closer, it will become a smooth curve, convex to the origin.
indifference curve is a combination of two commodities. where as, isoquant curve shows a relationship between of variable factor i.e. labour and fixed factor i.e. capital.
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 infinite 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.
explain what happens inside curve sample
By Definition isoquants, like indiffernce curves, can never cut each other. Because if they could, It would be a Logical Contradiction.
show how the price elasticity of demand is graphically measured along a liner demand curve?
Linear isoquant [perfect substitutability of factors of production], Input-output isoquant or Leontif isoquant [no substitution or strict complementarity; only one efficient method of production] are exceptions to isoquant convexity to the origin. Kinked isoquant is of limited substitutability at kinks. But if kinks come closer and closer, it will become a smooth curve, convex to the origin.
indifference curve is a combination of two commodities. where as, isoquant curve shows a relationship between of variable factor i.e. labour and fixed factor i.e. capital.
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 infinite 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.
explain what happens inside curve sample
By Definition isoquants, like indiffernce curves, can never cut each other. Because if they could, It would be a Logical Contradiction.
Isoquant is the various combination of input for production while isocost is all combination of input which cost same amount.
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 yield the same output Example of production function:(Q = output L= Labor K = Capital)Q = K + 5Lfor the isoquant for example, using the production function above, we want to find which levels of input would yield Q = 2020 = K + 5Lif 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...
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
Explain the consumer equilibrium with the help of indifference curve?
The three major characteristics of an indifference curve are: 1. They are negatively sloped 2. They are convex to the origin 3. Indifference curve cannot be intersected
example of a J-curve population in nature? Explain.