An isoquant map where production output Q3 > Q2 > Q1. Typically inputs X and Y would refer to labor and capital respectively. More of input X, input Y, or both is required to move from isoquant Q1 to Q2, or from Q2 to Q3.A) Example of an isoquant map with two inputs that are perfect substitutes.B) Example of an isoquant map with two inputs that are perfect complements.
An isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs.[1][2] The x and y axis on an isoquant represent two relevant inputs, which are usually a factor of production such as labour, capital, land, or organisation. An isoquant may also be known as an “Iso-Product Curve”, or an “Equal Product Curve”.
^Varian, Hal R. (1992). Microeconomic Analysis (Third ed.). Norton. ISBN 0-393-95735-7.
^Chiang, Alpha C. (1984). Fundamental Methods of Mathematical Economics (Third ed.). McGraw-Hill. pp. 359–363. ISBN 0-07-010813-7.
An isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which...
the isoquant map to determine the optimal production point at any given level of output. Specifically, the point of tangency between any isoquant and...
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...
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,...
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...
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...
times the number of steering wheels}. Cobb–Douglas production function Isoquant Allen, R. G. D. (1968). Macro-economic Theory: A Mathematical Treatment...
this independence is a precondition of constructing an isoquant. Further, the slope of the isoquant helps determine relative factor prices, but the curve...
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...
capital to labor ratio, such as from the points along a capital/labor isoquant. The inverse of capital intensity is labor intensity. Capital intensity...
the considered function, such as isobar, isotherm, isogon, isochrone, isoquant and indifference curve. Consider the 2-dimensional Euclidean distance:...
production consist of negatively sloped portion of all isoquants. Production lines Q1 and Q2 are the isoquants, depicting the technically efficient factor combinations...
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...
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...
production total, average, and marginal product curves marginal productivity isoquants & isocosts the marginal rate of technical substitution Production function...
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...
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