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How does the concept of isoquant and isocost in microeconomics can contribute to cost minimization?
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∙ 10y ago
rererere
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∙ 10y ago
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The study of microeconomics involves which of these?
Study one economic concept in depth
Explain the concept of ridge lines in economics?
Ridge lines is a concept in Micro Economics related to Isoquants (which shows different combination of inputs for the same level of output). However, after a certain point Isoquant begins to slope upward, if there are 2 or more isoquants then there would be similar points on the other isoquants too... on joining these points, you get the ridge lines. Note: the point from where Isoquant slopes upward is a point where the marginal product of one of the input is negative.
What is an explanation of the concept of 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 combinations 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".
What is the importance of microeconomics in the daily life of a person?
micro economics has got a much more importance in our life.The basic concept of micro economics applications are demand,suuply,computation and consumer behaviour.
Is Microeconomics or macroeconomics in charge of tax on restaurant meals?
These taxes are part of indirect taxes , though taxes are imposed on individuals and paid by individuals it is a macro concept which is dealt by the govt.... hence it is macro economics in charge of these taxes...... however indirect taxes are managed by the state govt...
The study of international finance would be an example of which concept?
microeconomics
The study of microeconomics involves which of these?
Study one economic concept in depth
Explain the concept of ridge lines in economics?
Ridge lines is a concept in Micro Economics related to Isoquants (which shows different combination of inputs for the same level of output). However, after a certain point Isoquant begins to slope upward, if there are 2 or more isoquants then there would be similar points on the other isoquants too... on joining these points, you get the ridge lines. Note: the point from where Isoquant slopes upward is a point where the marginal product of one of the input is negative.
What is an explanation of the concept of 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 combinations 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".
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What is the importance of microeconomics in the daily life of a person?
micro economics has got a much more importance in our life.The basic concept of micro economics applications are demand,suuply,computation and consumer behaviour.
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The suffix -ity added to the concept word generosity changes it from an action (generous) to a noun form that denotes the state or quality of being generous. It indicates the abstract quality or nature of the concept word.
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They should contribute the same amount as they would if the family was intact. Many states base their child support guidelines on that concept.They should contribute the same amount as they would if the family was intact. Many states base their child support guidelines on that concept.They should contribute the same amount as they would if the family was intact. Many states base their child support guidelines on that concept.They should contribute the same amount as they would if the family was intact. Many states base their child support guidelines on that concept.
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