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All the combination of capital and labour that can be used to produce a given amount of output is called an isoquant.
All the combinations of capital and labour that are available for a given cost is called an isocost.
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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.
Difference between learning curve and experience curve?
difference between leaning curve and experience curve
What are the conditions under which an isoquant will not be convex?
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.
What is the characteristics of isocost?
l Characteristics of isocost curves:Ø An infinite number of isocost curves exist. One for each level of total cost.Ø The slope of the isocost curve is equal to the negative of the relative input price ratio, . This ratio is important because it tells the manager how much capital must be given up if 1 more unit of labor is purchased.
Explain the types and characteristics of isoquant curve with the help of an illustration?
negative slope, convexity to its origin
What is the difference between an isocost curve and an isocost line?
the answer
What is iso-quant and iso-cost curve?
Isoquant is the various combination of input for production while isocost is all combination of input which cost same amount.
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.
Difference between learning curve and experience curve?
difference between leaning curve and experience curve
What are the conditions under which an isoquant will not be convex?
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.
What is the characteristics of isocost?
l Characteristics of isocost curves:Ø An infinite number of isocost curves exist. One for each level of total cost.Ø The slope of the isocost curve is equal to the negative of the relative input price ratio, . This ratio is important because it tells the manager how much capital must be given up if 1 more unit of labor is purchased.
Explain the types and characteristics of isoquant curve with the help of an illustration?
negative slope, convexity to its origin
What is the difference between indifference curve and isoquent?
The former is related to the consumer problem whereas the latter comes from the producer problem. Consumer: What is the amount of goods to consume with his budget constraint This curve represents the combinations of goods between which the consumer is indifferent. Producer: What to produce with the given amount of productive factors. The isoquant shows the combinations of factors with which the firm get the same production.
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 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...
What is an isoquant explain it graphically.?
show how the price elasticity of demand is graphically measured along a liner demand curve?
What is difference between individual supply curve and market supply curve?
The difference between individual supply curve and the market supply curve is tat individual supply curve is like a firm. To be able to get the market supply curve you have to have the individual supply curve.
What is the difference between a heating curve and a cooling curve?
heating curve is hotter than the cooling curve
