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Isoquant is equal curves that are used in economics studying the production function. The shape of the Isoquant would change when one input is held constant, and there is a change to the other variable leading to change in the output.
More about Isoquant
Production function means maximum output that can be achieved from a given set of inputs and Isoquant shows maximum output that is possible using a different combination of input.
Product curves are another name of Isoquant, and there is no chance in the graph that two Isoquant would cross and this situation is same as in the indifference curves that occur. The possible combinations of inputs are given importance in Isoquant graph, and there is a clear indication of the increasing and decreasing return to scale. This can be found out by understanding the distance between Isoquant output pairs.
Negative slope of Isoquant is required to be understood. It means that one value of input should be substituted with other material and level of production should be increased to ensure that level of output keeps increasing. Isoquant is highly technical subject, and student should seek Isoquants assignment help.
Curves in Isoquant are non-intersecting curves, and they are also non-tangential. This tangential can imply that a high level of output is possible with a small change in one value of an input or with a large value of the input.
The higher level of output is shown in the upper Isoquant which means that input value is higher. Isoquant curve is found to help producers to go for cost minimization, and indifference curve is used from the consumer point of view to utility maximation.
Assumptions of Isoquant
There are many assumptions with Isoquant, and this would be said in detail in Isoquants homework help
- Two factors of production are taken into consideration and production factors can be divided into small parts. The concept of iso product curve and equal product map that is technical is explained in simple language in Isoquants homework help.
- Production technique is constant, and this would be kept constant in the graph also.
- There is possibility of technical substitution, and the concept of technical substitution gets detailed report in Isoquants assignment help
- Efficient combination is made possible using this combination, and the iso product curve is drawn.
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