3. Isoquants are equal to:
a) Product Lines
b) Total utility lines
c) Cost lines
d) Revenue lines
Answers
Answer:
The term "isoquant," broken down in Latin, means “equal quantity,” with “iso” meaning equal and “quant” meaning quantity. The isoquant curve is a company's counterpart to the consumer's indifference curve. Essentially, the curve represents a consistent amount of output. ... It may also be called an iso-product curve.
Answer:
a) Product Lines
Explanation: a) Product Lines Is the correct option for this question.
To identify the ideal production point for any given level of output, the isocost line is paired with the isoquant map. The point of tangency between any isoquant and an isocost line, in particular, provides the lowest-cost combination of inputs capable of producing the amount of output associated with that isoquant.
An iso-quant curve depicts all conceivable input factor combinations that result in the same amount of output. In other words, an iso-quant curve is a geometric depiction of the production function in which diverse labour and capital combinations are used to achieve the same level of output.
Iso denotes equality, while quant denotes amount. As a result, an isoquant reflects a constant amount of output. An "Equal Product Curve" is another name for the isoquant curve.or "Iso-Product Curve" or "Production Indifference Curve."
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