Isoquants, Microeconomics

Isoquants

* Assumptions

- Food producer has 2 inputs

  • Labor (L) & Capital (K)

* Observations:

 1) For any level of K, output increases with L.

 2) For any level of L, output increases with K.

 3) Various combinations of inputs produce same output.

Isoquants

- Curves which is showing all the possible combinations of inputs which yield the same output

  Production Function for Food

1266_isoquants.png

  Production with the Two Variable Inputs (L,K)

 
2037_isoquants1.png

Input Flexibility

- The isoquants stress that how different input combinations can be used to produce same output.

- This information allows producer to respond efficiently to changes in markets for inputs. 

Posted Date: 10/10/2012 9:17:29 AM | Location : United States







Related Discussions:- Isoquants, Assignment Help, Ask Question on Isoquants, Get Answer, Expert's Help, Isoquants Discussions

Write discussion on Isoquants
Your posts are moderated
Related Questions
arguments in favour and against of Theory of Profit Maximization

What are the basis for International Trade?

how to solve the credit multplier

The Long-Run Behavior of Natural Resource Prices Observations – Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in

#question influence of an increase in migrant on market supply labour

pls i want to estimate a cost function for the data i coollected from a research on cassava production .i have the cost for each input and output but do not how to go abo0ut it.

Given that TC=1000+10Q-0.9Q^2+0.04Q^3,,Find the rate of output Q that result in minimum Average variable cost


Available resources with the desired goals: To match the available resources with the desired goals: The complementary nature of some investment decisions make for planning. T

GROWTH OF PRODUCTION: The performance of Indian agriculture during more than half a century of planned economic development can be broadly characterised by three distinct phas