The Expansion Path of a Firm | Microeconomics

In this article we will discuss about:- 1. Meaning of Expansion Path 2. Types of Expansion Path 3. Equations. Meaning of Expansion Path: We know that the production function of the firm q = f(x,y)                             (8.21) gives us the isoquant map of the firm, one isoquant (IQ) for each particular level of output, and the cost equation of the firm [...]