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Q. What do you mean by Kinked Isoquant?
This isoquant presumes only limited substitutability of labour andcapital. There are just a few processes for generating any one commodity.
This is demonstrated in Figure below where A1, A2, A3 and A4 represent the production process and Q is the kinked isoquant. In this case O substitutability of factors is possible only at the kinks.
Fig: Kinked Isoquant
This is more realistic kind of isoquant since managers, engineers and production executives consider the production process as a discrete in place of continuous process.
THE MONETARY ACCOUNT Also called official financing, this comprises the financial transactions of the government (handled by the central bank) needed to offset any net outflow
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