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Why isoquants convex to the origin?
law of diminishing returns
What is the ridge lines in economics?
ridge lines is the combination of isoquants
What are the different types of isoquant production?
Isoquant production can be classified into three main types: linear, convex, and L-shaped isoquants. Linear isoquants indicate perfect substitutability between inputs, where one input can be substituted for another at a constant rate. Convex isoquants represent diminishing marginal returns, showing that as one input increases, the additional output gained from substituting another input decreases. L-shaped isoquants reflect fixed proportions of inputs, indicating that the inputs must be used in a specific ratio to produce a certain level of output.
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.
How do you derive the demand curve for labour and capital using Leontief isoquants?
To derive the demand curve for labor and capital using Leontief isoquants, we start by recognizing that Leontief production functions exhibit fixed proportions between inputs; that is, they require labor and capital in a specific ratio. The isoquants are L-shaped, indicating that substituting one input for another is not possible beyond a certain point. The demand for labor and capital is determined by the firm’s objective to minimize costs while achieving a desired level of output, leading to a fixed combination of inputs at each output level. As output levels change, the firm will adjust its input usage along the isoquants, thereby generating the demand curve for each input based on their marginal products and the firm's production constraints.
Why isoquants convex to the origin?
law of diminishing returns
What is the ridge lines in economics?
ridge lines is the combination of isoquants
Why isoquant do not intercept?
Isoquants do not intersect because each isoquant represents a different level of output, and each point on an isoquant signifies the same level of production. If two isoquants were to intersect, it would imply that the same combination of inputs could produce two different levels of output, which contradicts the fundamental principles of production theory. Therefore, isoquants are distinct and ordered in a way that reflects increasing levels of output as one moves to higher isoquants.
Why isoquants convex?
diminshing marginal rate of substitution between factors
How producers equilibrium is achieved with isoquant and isocost curves?
producers equilibrium is achieved with isoquants and isocost curves
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.
Why isoquant curve cannot intersect?
By Definition isoquants, like indiffernce curves, can never cut each other. Because if they could, It would be a Logical Contradiction.
Distinguish between indifference curve and isoquants?
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.
What are properties that change?
the properties that change are physical and chemical properties!!! :)
What is the properties mean in science?
chemical properties and the pysical properties
What are properties of chemical properties?
reactivity, flammability, toxicological properties, colouring properties, aptitude for explosion, etc.
Properties of math?
The properties
