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Explain the types and characteristics of isoquant curve with the help of an illustration?
negative slope, convexity to its origin
What is an isoquant and briefly explain the types of isoquant?
An isoquant is a contour line drawn through the set of points whereby the same quantity of output is produced while changing two or more inputs.In economics , an isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs
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.
Movement along a demand curve?
explain graphically the movement along the demand curve
What is isoquant and its properties?
isoquant is the locus of the all the combination of two factorof production that yield the same level of the output
What will be the shape of an isoquant when the elasticity of substitution is infinity?
when the elasticity of substitution is infinity the isoquant will be a straight line sloping downward towards right.
What are the types of isoquants in microeconomics?
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.
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...
Does isoquant positive or negative?
An isoquant is a graph showing the same quantity of output for various combinations of inputs. Since these are all measures of quantity, they must all be positive.
From an isoquant map one can illustrate diminishing returns to production by?
Observing the slope of the isoquant as one moves outward on the labour axis but stays at the same point on the capital axis
Marginal productivity of labour and the demand for labour .?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
How does the concept of isoquant and isocost in microeconomics can contribute to cost minimization?
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