Iso-quant - long period analysis, Microeconomics

Iso-quant:

The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be those, which produce the same level of output. Herein comes the concept of an iso-quant. An iso-quant is a locus of combinations of (L, K) that produce the same level of output 'q' (see Figure).  

 

2221_Iso-quant.png

 

In the above Figure,  q amount of output can be produced by the input combinations - (L1, K1), (L2, K2), (L3, K3). Joining these, we get an iso-quant, which is also denoted by  q . Therefore, we see that the same level of output  q  can be produced using different techniques - either more K, less L (e.g., technique A), or more L and less K (e.g., technique C).  

 

Posted Date: 10/26/2012 6:28:22 AM | Location : United States







Related Discussions:- Iso-quant - long period analysis, Assignment Help, Ask Question on Iso-quant - long period analysis, Get Answer, Expert's Help, Iso-quant - long period analysis Discussions

Write discussion on Iso-quant - long period analysis
Your posts are moderated
Related Questions
discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand

Q. What is Tradeable product? Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (ot

Sources of Economic growth: Human resources: Investment in human capital is considered as an important factor for economic growth. This is done by increasing the quality of

What are the properties of consumer demand? Properties of Consumer Demand: In this section check the comparative statics of consumer demand behaviour as: how the demand of cons

Types of Regional development financing arrangements: Regional development financing arrangements have been of three basic types.  The oldest and best-developed type is mul

regis is hungry for a snack. Here is the value he place on a cupcake: value of the first cupcake$5, value of the second cupcake $4, value of the third cupcake $3, and the value of

An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa

The average price level has increased at a relatively rapid rate since 2008 even though the deep recession that UK experienced in 2008/09. The growth in the price level has been dr

I have to make a research paper project on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship between d

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4 The demand schedule c