An isoquant (derived from quantity and the Greek word isos, ίσος, meaning "equal"), in microeconomics, is a contour line drawn through the set of points...
11 KB (1,438 words) - 01:23, 7 August 2024
the isoquant map to determine the optimal production point at any given level of output. Specifically, the point of tangency between any isoquant and...
7 KB (1,054 words) - 02:26, 16 August 2022
A contour line (also isoline, isopleth, isoquant or isarithm) of a function of two variables is a curve along which the function has a constant value,...
36 KB (4,358 words) - 05:29, 8 June 2024
say, the middle isoquant, the lowest cost can be obtained by using amounts of labor and capital such that the point on the given isoquant is on the lowest...
4 KB (665 words) - 17:57, 14 August 2021
are the marginal products of input 1 and input 2, respectively. Along an isoquant, the MRTS shows the rate at which one input (e.g. capital or labor) may...
2 KB (280 words) - 19:19, 31 October 2023
percentage change in their prices. It gives a measure of the curvature of an isoquant, and thus, the substitutability between inputs (or goods), i.e. how easy...
11 KB (2,368 words) - 15:49, 26 March 2024
capital to labor ratio, such as from the points along a capital/labor isoquant. The inverse of capital intensity is labor intensity. Capital intensity...
7 KB (926 words) - 13:22, 28 March 2024
context, they are called price-factor curves and are constructed with Isoquant curves and a line representing the ratio between factor prices instead...
2 KB (262 words) - 04:18, 6 March 2024
this independence is a precondition of constructing an isoquant. Further, the slope of the isoquant helps determine relative factor prices, but the curve...
31 KB (4,265 words) - 21:59, 28 March 2024
the considered function, such as isobar, isotherm, isogon, isochrone, isoquant and indifference curve. Consider the 2-dimensional Euclidean distance:...
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possible way chooses the point on the expansion path that is also on the isoquant associated with that output level. Economists Alfred Stonier and Douglas...
4 KB (384 words) - 23:00, 18 December 2023
If a plane section is taken parallel to the xy-plane, the result is an isoquant showing the various combinations of labor and capital usage that would...
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times the number of steering wheels}. Cobb–Douglas production function Isoquant Allen, R. G. D. (1968). Macro-economic Theory: A Mathematical Treatment...
2 KB (242 words) - 19:46, 26 May 2024
production consist of negatively sloped portion of all isoquants. Production lines Q1 and Q2 are the isoquants, depicting the technically efficient factor combinations...
2 KB (237 words) - 05:07, 15 December 2023
Wire-grid Cobb–Douglas production surface with isoquants...
26 KB (4,364 words) - 01:14, 7 August 2024
loss of one unit of x. Similarly, sometimes the level set R(L, K) is an isoquant showing various combinations of utilized quantities L of labor and K of...
17 KB (2,204 words) - 13:53, 22 May 2024
constraints called resource endowments Intertemporal budget constraint Isoquant Opportunity cost Scarcity Trade-off Paternalism Allingham, Michael (1987)...
14 KB (1,944 words) - 18:34, 13 July 2024
production total, average, and marginal product curves marginal productivity isoquants & isocosts the marginal rate of technical substitution Production function...
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progress – Invisible hand – Islamic economic jurisprudence – IS/LM model – Isoquant – Ithaca Hours Jane Jacobs – JEL classification codes – Job hunting – Joint...
16 KB (1,372 words) - 13:27, 18 August 2024
production, say, K and L, it is a measure of the curvature of a production isoquant. The mathematical definition is: ϵ = [ ∂ ( s l o p e ) ∂ ( L / K ) L...
6 KB (1,119 words) - 04:11, 24 May 2024
capital to labor ratio, such as from the points along a capital/labor isoquant. capitalism An economic system based on the private ownership of the means...
228 KB (25,275 words) - 00:49, 6 August 2024