Types of isoquants pdf

The isoquant appears as a smooth curve convex to the origin. Study guides. Q: What are the types of isoquants in microeconomics? Write your answer Related questions. How producers equilibrium is achieved with isoquants and isocost curves? What are the properties of isoquants? Why isoquants convex to the origin? What is the advantages of microeconomics? What is the ridge lines in economics? What are the microeconomics problems in Philippines?

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What is the relevance of microeconomics in economics analysis? What are the Methodological differences between microeconomics and macroeconomics? What is the similarities of macroeconomics and microeconomics? What are the effects in general of economic development? An isoquant map is very similar to an indifference map. It can be formed while producing a higher quantity of products from the various possible combinations of the two factors. It facilitates multiple levels of output. In the given figure we can assume that units of a product are produced in IQ1, units in IQ2 and units in IQ Isoquant curve provides an understanding of how the change in one factor of production affects the other when the output remains constant.

Do you remember the indifference curve we have previously discussed? The indifference curve is in terms of consumption while the isoquant curve is in the context of the production.

Convex to the Origin : Since one production factor increases while the other decreases, a convex shaped curve to the origin point, is formed. Another reason for it is the diminishing MRTS. Right Isoquant Indicates Higher Output than Left Isoquant : When there are more than one isoquant curves on a graph, the upper curve will always indicate a higher output. Negative Slope : To increase the number of units for one factor, the producer has to decrease the units of the other production factor.

This principle leads to negative sloping of the isoquant curve. Two or More Isoquants Never Intersect : As we already know that on an isoquant map, all the isoquant curves depict a different level of output, we can say that they cannot have any combination of factors in common.