Iso-quant - long period analysis, Microeconomics

Assignment Help:

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).  

 


Related Discussions:- Iso-quant - long period analysis

Strategies and policies for administrative reforms, STRATEGIES AND POLICIES...

STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i

Help, Calculate the number of moles in 15.8 grams of aluminum hydroxide

Calculate the number of moles in 15.8 grams of aluminum hydroxide

Microeconomics, when the demand function is 2q-24+3p=0,find marginal revenu...

when the demand function is 2q-24+3p=0,find marginal revenue when q=3

Micro economics, what is the theory of second best? prove the theorem with ...

what is the theory of second best? prove the theorem with the help of a diagram.

Measures to control inflation, Measures to control inflation: Fiscal po...

Measures to control inflation: Fiscal policy is one of the two main macroeconomic policies used to control aggregate demand and thereby achieve economic stability. Fiscal meas

Determine the units of capital and labour, The production function for a fi...

The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and

Graphical representation of various returns, Graphical Representation of Va...

Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ  is throughout less than the A

Marginal rate of substitution, The marginal rate of substitution (MRS) quan...

The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd