We have detail information of Isoquant: Meaning and Properties.
Isoquant: Meaning and Properties
Following are the detail information
Meaning
The term ‘isoquant’ has been derived from a Greek word ‘iso’ meaning equal and a Latin word ‘quant’ meaning quantity. Isoquant is defined the locus of different combinations of any two inputs (labor and capital) yielding the same level of output.
In other word, an isoquant refers to a graphical representation of all the different combinations of inputs that can produce a specific level of output. Isoquants are similar in concept to indifference curves in consumer theory, as they represent different combinations of inputs that can provide an equal level of output.
Graphical representation of Isoquant
Isoquant Map
The set of isoquants is called isoquant map. A higher isoquant represents higher level of output and lower isoquant represents a lower level of output. Isoquant map is shown in the figure.
Properties of Isoquant
The properties or features of isoquant are as follows:
1.Isoquant has negative slope. It slopes downward from left to right.
2. Isoquant curve is convex to the origin.
3. Isoquants never intersect with each other or do not be tangent with each other.
4. Higher the isoquant, higher will be output and vice-versa.
5. Isoquant never touch or intersect X and Y-axes.
Other Important Links
a. Production Function Definition Types & Importance: CLICK HERE
b. Cobb-Douglas Production Function Formula & Example: CLICK HERE
c. Learning Curve: Theory Meaning Formula: CLICK HERE
Frequently Asked Questions
a. What is isoquant or isoquant curve?
= An isoquant refers to a graphical representation of all the different combinations of inputs that can produce a specific level of output.
b. What is isoquant Class 12?
an isoquant refers to a graphical representation of all the different combinations of inputs that can produce a specific level of output.
c. What are the 3 types of isoquants?
= Following are the types of Isoquants:
- Linear isoquant.
- Input-output isoquant.
- Kinked isoquant.
- Smooth, convex isoquant.
