Isoquent Product Curve
This particular aspect of business economics explains various production functions in terms of traditional analysis. However, it explains them with the help of isoquent-isocost approach. This technique is similar to the indifference curves techniques as consumption theory.
The term 'Isoquent' has been derived from 'iso' meaning equal and 'quant' meaning quantity. The Isoquent curve is, therefore, also known as 'equal product curve' or 'production indifference curve'. An Isoquent curve is locus of points representing the various combinations of two inputs-capital and labour-yielding the same output. The fact that different input combinations can produce the same output is based on the assumption that capital and labour are perfect substitutes all along the Isoquent curve.
Iso-product curve represents all possible combinations of two factors that will give the same total product. An iso product curve is a curve along which the maximum achievable rate of production is constant. In short, we can say that an Isoquent is a curve on which the various combinations of labour and capital show the same output.
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