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diminshing marginal rate of substitution between factors
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Why isoquants convex to the origin?
law of diminishing returns
What are the properties of isoquants?
The further the Isoquant is from the origin, the greater will be the level of output (i.e a higher isoquant represent a higher level of output) Two Isoquants can never intersect each other Isoquants always slopes downward
What is the ridge lines in economics?
ridge lines is the combination of isoquants
Is a ploygon convex or not convex?
a polygon is convex
How producers equilibrium is achieved with isoquant and isocost curves?
producers equilibrium is achieved with isoquants and isocost curves
Explain the concept of ridge lines in economics?
Ridge lines is a concept in Micro Economics related to Isoquants (which shows different combination of inputs for the same level of output). However, after a certain point Isoquant begins to slope upward, if there are 2 or more isoquants then there would be similar points on the other isoquants too... on joining these points, you get the ridge lines. Note: the point from where Isoquant slopes upward is a point where the marginal product of one of the input is negative.
Difference of non convex and convex?
A non convex is a concave and a convex is differently shaped
What kind of lens does a projector use?
projector have concave or convex
Is the union of two convex sets a non-convex set?
the union of two convex sets need not be a convex set.
Are eyes concave or convex?
convex
Is a microscope convex or a concave?
Convex ~
Is the lens in a human eye concave or convex?
The lens of the eye is biconvex (convex on both sides).
