What are the different types of Isoquants?

What are the different types of Isoquants?

The Most Important types of Isoquant in Production are mentioned below:

• 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 a smooth and convex isoquant (figure 8.8).
• L-Shaped Isoquant:
• Linear Isoquant:

What is the shape of isoquant?

An isoquant is a concave-shaped curve on a graph that measures output, and the trade-off between two factors needed to keep that output constant. Two isoquants can not intersect each other. An isoquant is convex to its origin point. An isoquant is oval-shaped.

What is an L-shaped isoquant?

A right-angled shaped isoquant is also called an L-Shaped isoquant curve, it implies that there isn’t any possibility of any form of substitution between any two inputs. And as both the inputs are perfect complements, therefore, a fixed proportion needs to be maintained between the inputs necessarily.

What does a straight line isoquant mean?

Isoquants are curves that represent efficient blend of different inputs such as labor and capital which yield the same (iso) level of output (quantity). When both inputs are perfect substitutes, isoquants are straight line and have a constant slope because one input can be replaced with the other at the same rate.

Can isoquant be a straight line?

Isoquants are usually downward sloping convex curves whose shape depend on the degree of substitution between different inputs. When both inputs are perfect substitutes, isoquants are straight line and have a constant slope because one input can be replaced with the other at the same rate.

What is isoquant line?

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 is isocost line?

An isocost line is a curve which shows various combinations of inputs that cost the same total amount . For the two production inputs labour and capital, with fixed unit costs of the inputs, the isocost curve is a straight line .