when the elasticity of substitution is infinity the isoquant will be a straight line sloping downward towards right.
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.
true because it is still supply and demand downward sloping
negative slope, convexity to its origin
Yes,it's always downward sloping
when the elasticity of substitution is infinity the isoquant will be a straight line sloping downward towards right.
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.
true because it is still supply and demand downward sloping
negative slope, convexity to its origin
Yes,it's always downward sloping
downward sloping
show how the price elasticity of demand is graphically measured along a liner demand curve?
Supply curve will be upward sloping in two reason,the first reason is know as the income effect and the second is know as substitution effect.
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.
PPC curve slopes downward for the efficient resouress of another commidty
A downward sloping demand curve in economics signifies that as the price of a good or service decreases, the quantity demanded by consumers increases.
Upward-sloping