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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 are the different types of isoquant production?
Isoquant production can be classified into three main types: linear, convex, and L-shaped isoquants. Linear isoquants indicate perfect substitutability between inputs, where one input can be substituted for another at a constant rate. Convex isoquants represent diminishing marginal returns, showing that as one input increases, the additional output gained from substituting another input decreases. L-shaped isoquants reflect fixed proportions of inputs, indicating that the inputs must be used in a specific ratio to produce a certain level of output.
What are the characteristics of isoquant?
Isoquants are curves that represent combinations of two inputs, typically labor and capital, that yield the same level of output in production. They are downward sloping, indicating that as one input increases, the other must decrease to maintain the same output level. Isoquants do not intersect, as each curve corresponds to a different output level. Additionally, they are convex to the origin, reflecting the principle of diminishing marginal rates of technical substitution.
Is the production possibilities curve convex to the origin?
yes
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
Why isoquants convex?
diminshing marginal rate of substitution between factors
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
Is the production possibilities curve convex to the origin?
yes
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
What is the ridge lines in economics?
ridge lines is the combination of isoquants
Why isoquant do not intercept?
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.
What does mean convex to the origin?
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.
Assume that a change in government policy results in greater production of both consumer goods and investment goods?
this economy's ppc is convex to the origin
Why is ppc convex to origin?
because all factors of production cannot be equally efficiently be used to produce one product than the other...
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
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
