Iso-quant - long period analysis, Microeconomics

Assignment Help:

Iso-quant:

The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be those, which produce the same level of output. Herein comes the concept of an iso-quant. An iso-quant is a locus of combinations of (L, K) that produce the same level of output 'q' (see Figure).  

 

2221_Iso-quant.png

 

In the above Figure,  q amount of output can be produced by the input combinations - (L1, K1), (L2, K2), (L3, K3). Joining these, we get an iso-quant, which is also denoted by  q . Therefore, we see that the same level of output  q  can be produced using different techniques - either more K, less L (e.g., technique A), or more L and less K (e.g., technique C).  

 


Related Discussions:- Iso-quant - long period analysis

Intro to economic thinking, There are 2 brands of cell phones that are almo...

There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate. Part I Draw the demand curve for the A-Phone. Explain

Periodic table, which three group of the periodic table contain the most el...

which three group of the periodic table contain the most elements classified as metalloids (semimetals)?

Microeconomics, #question.Question: Answer all parts (a, b, c, d, e & f). ...

#question.Question: Answer all parts (a, b, c, d, e & f). Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L,

Traditional inventory control based on calculation of eoq, Traditional inve...

Traditional inventory control based on the calculation of EOQ   At this point, it is worth considering some of the problems faced by companies using the simple inventory model

PROPERTIES OF INDIFFERENCE CURVES, #question.PROPERTIES OF INDIFFERENCE CUR...

#question.PROPERTIES OF INDIFFERENCE CURVES WITH TABLE AND DIAGRAM.

Product markets and production, Product Markets: Markets where produced ser...

Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour

Dependence on agricultural production, Dependence on agricultural productio...

Dependence on agricultural production: Dependence on agricultural production and primary product for exports. The external sector comprises Imports and Exports, Ghana shows de

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd