The Isoquant Curve 63g6q
This document was ed by and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this report form. Report 3i3n4
Overview 26281t
& View The Isoquant Curve as PDF for free.
More details 6y5l6z
- Words: 165
- Pages: 8
The Isoquant Curve • Isoquant curve – a curve that represents combinations of factors of production that results in equal amounts of output. • A point on the isoquant curve is technically efficient.
The Isoquant Curve
The Isoquant Curve
The Isoquant Curve • The isoquant curve is bowed inward because of the law of diminishing marginal productivity.
The Isoquant Curve • Marginal rate of substitution – the rate at which one factor must be added to compensate for the loss of another factor, to keep output constant. • It is the slope of the isoquant curve.
The Isoquant Curve • The absolute value of the slope at a point on the isoquant curve equals the ratio of the marginal productivity of labor to the marginal productivity of machines. MPlabor Slope = MPmachine = Marginalrate of substitution
The Isoquant Curve • Isoquant map – a set of isoquant curves that show technically efficient combinations of inputs that can produce different levels of output.
An Isoquant Map
The Isoquant Curve
The Isoquant Curve
The Isoquant Curve • The isoquant curve is bowed inward because of the law of diminishing marginal productivity.
The Isoquant Curve • Marginal rate of substitution – the rate at which one factor must be added to compensate for the loss of another factor, to keep output constant. • It is the slope of the isoquant curve.
The Isoquant Curve • The absolute value of the slope at a point on the isoquant curve equals the ratio of the marginal productivity of labor to the marginal productivity of machines. MPlabor Slope = MPmachine = Marginalrate of substitution
The Isoquant Curve • Isoquant map – a set of isoquant curves that show technically efficient combinations of inputs that can produce different levels of output.
An Isoquant Map
Related Documents 3h463d
The Isoquant Curve 63g6q
August 2021 0
Isoquant 4o425z
April 2022 0
Isoquant Analysis 3js4o
November 2019 13
Curve 3g452j
November 2019 180
Constructing The Ois Curve 63x27
December 2019 37
The Normal Curve 5g31i
January 2023 0More Documents from "vijendra chanda" 2tg1f
The Isoquant Curve 63g6q
August 2021 0
Pensum Imec Uniandes 4m6q5u
May 2021 0
Automatoms 5s2y4t
November 2019 82
Frequency Selective Filters Lecture 4b2a3x
December 2021 0
Set Manual y1t4
December 2019 62