law of diminishing returns
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
yes
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
ridge lines is the combination of isoquants
this economy's ppc is convex to the origin
diminshing marginal rate of substitution between factors
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
yes
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
ridge lines is the combination of isoquants
Isoquants do not intersect because each isoquant represents a different level of output, and each point on an isoquant signifies the same level of production. If two isoquants were to intersect, it would imply that the same combination of inputs could produce two different levels of output, which contradicts the fundamental principles of production theory. Therefore, isoquants are distinct and ordered in a way that reflects increasing levels of output as one moves to higher isoquants.
A set is said to be convex with respect to the origin if the line segment between any two points in the set lies entirely within the set. In simpler terms, for any two points within the set, all the points on the line joining them are also within the set.
this economy's ppc is convex to the origin
because all factors of production cannot be equally efficiently be used to produce one product than the other...
production possibilities curve convex to the origin. Elson Mendoza was here.
a polygon is convex
producers equilibrium is achieved with isoquants and isocost curves