What are the types of isoquant?

Types of Iso-quant Curves

• Linear Iso-quant Curve: This curve shows the perfect substitutability between the factors of production.
• Right Angle Iso-quant Curve: This is one of the types of iso-quant curves, where there is a strict complementarity with no substitution between the factors of production.

What are the four properties of isoquant?

An isoquant slopes downward from left to right. The higher and more to the right an isoquant is on a graph, the higher the level of output it represents. Two isoquants can not intersect each other. An isoquant is convex to its origin point.

What are isoquants in economics?

An isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs.

What are isoquants explain with diagram?

An isoquant map is a set of isoquants, each of which shows the maximum output that can be achieved for any set of inputs. An isoquant map is an alternative way of describing a production function, just as an indifference map is a way of describing a utility function.

Which is the most important type of isoquant?

Useful Notes on 3 Most Important Types of Isoquant in Production. 1 1. Smooth and Convex Isoquant: In a two-product framework, when one of the factors of production can be continuously substituted by the other, we get 2 2. L-Shaped Isoquant: 3 3. Linear Isoquant:

What are the assumptions of the isoquant curve?

Assumptions of Isoquants  Only two factors or inputs of production  Factors of production are divisible into small units and used in various proportions  Technical conditions of production are not possible to change at any point of time  Different factors of production are used in a most efficient way 06-09-2015 ISOQUANT CURVE & ISOCOST CURVE 6

Which is right angle isoquant has complete non-substituability?

Right – Angle Isoquant There is complete non – substituability between the inputs 06-09-2015 ISOQUANT CURVE & ISOCOST CURVE 10 11. Q3= 3 Scooters Chassis Wheels Q2= 2 Scooters Q1= 1 scooter 2 4 6 12. Convex Isoquant Convex Isoquant assumes substituability of inputs but the substiuability is not perfect 06-09-2015 ISOQUANT CURVE & ISOCOST CURVE 12

Why do isoquants not intersect or touch each other?

15.  No Two Isoquants Intersect or Touch each other : Isoquant do no intersect or touch each other because they represent different level of output  Isoquants are convex to the origin : In most production processes the factors of production have substituability.