Tag Archives | Isoquants

Properties of Isoquants | Production | Economics

The production function shows the relationship between the output of a good and the inputs (factors of production) required to make that good. It usually takes the following general form: Q = f (K, L, t, etc.) Where Q is output, K is capital input, L is labour input, t is 'technology or the art of production' and the term [...]

By Nipun S|2017-01-13T05:58:22+05:30January 13, 2017|Properties|Comments Off

Isoquants (IQ) of a Firm: Assumptions, Properties and Types

In this article we will discuss about:- 1. Assumption of Isoquants and the Isoquant Map 2. Characteristics (Properties) of IQs 3. Types. Assumption of Isoquants and the Isoquant Map: For the sake of simplicity, we shall assume that the firm uses only two variable inputs, X and Y, and produces only one output Q. The production function of the firm, [...]

By Vanshika Ghosh|2016-09-17T15:58:31+05:30September 17, 2016|Isoquants|Comments Off

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