Question

write short note on isoquant curve ​

Answer 1

Answer:

isoquant shows all combination of factors that produce a certain output.

Answer 2

Isoquant curve essentially shows the different combinations of two inputs or factors of production that can produce a given or specific amount of output.All the input combinations within the same isoquant will produce the same level of output.

Explanation:

Some properties of Isoquant Curve:-

• The shape of the Isoquant is concave to the origin due to diminishing Marginal Rate of Technical Substitution(MRTS). MRTS indicates the rate at which the factor inputs are exchanged or traded off in the production process.
• Two or multiple isoquant curves cannot intersect each other.Each isoquant curve represents a specific output level and if they intersect the curves will be invalidated.
• Isoquant curves cannot touch the X or Y axis.If they do then the law of diminishing MRTS will be invalid.
• The shape of the isoquant curves is oval,implying that the firms or companies can choose the most efficient combination of inputs or factors in the production process.
• The isoquant curves do not have to be necessarily parallel to each other as the MRTS can possibly fluctuate.