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, [...]