- An
isoquant (derived from
quantity and the Gr**** word isos, ίσος,
meaning "equal"), in microeconomics, is a
contour line
drawn through the set of points...
- the
isoquant map to
determine the
optimal production point at any
given level of output. Specifically, the
point of
tangency between any
isoquant and...
- 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,...
- 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...
-
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...
- 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...
-
possible way
chooses the
point on the
expansion path that is also on the
isoquant ****ociated with that
output level.
Economists Alfred Stonier and Douglas...
-
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...
-
capital to
labor ratio, such as from the
points along a capital/labor
isoquant. The
inverse of
capital intensity is
labor intensity.
Capital intensity...
