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An isoquant (derived from quantity and the Greek word iso, meaning equal) 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. While an indifference curve mapping helps to solve the utility-maximizing problem of consumers, the isoquant mapping deals with the cost-minimization problem of producers.

Lecture - 10 - Isoquant Approach - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Eco.

The main characteristics of isoquants are as follows: (1) Isoquant slopes down from left to right: It is said that the negative slope of the isoquant indicates that an increase in the quantity of labour employed that associated with decrease in the quantity of capital that results that output remains constant.

The isoquant approach is: A. Classical approach. B. Keynesian approach. C. Neo-classical approach. D. Modern approach. Correct Answer: C. Download Objective type questions of Basics of Economics PDF Visit our PDF store Get all objective type questions of Basics of Economics MCQ.

Isocost and isoquants play the same role in producer’s equilibrium as that played by the budget line and indifference curves in consumer’s equilibrium. Isocost curve is a producer’s budget line while isoquant is his indifference curve.

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Use An Isoquant Drawing For The Following Problem: can anyone succor me on this homework topic?Portraiture an isoquant contrivance ce the subjoined problem: Your immovable portraitures machines and strive as inputs. Your immovable to-boot portraitures petroleum (oil) to work its machines. Your immovable yields chocolate bit cookies.

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Types of Iso-quant Curves. The iso-quant curves can be classified on the basis of the substitutability of factors of production.These are: Linear Iso-quant Curve: This curve shows the perfect substitutability between the factors of production.This means that any quantity can be produced either employing only capital or only labor or through “n” number of combinations between these two.

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Definition of Isoquants in the Financial Dictionary - by Free online English dictionary and encyclopedia.. A hybrid approach to teaching managerial economics. All of the combinations of time and money result in the same performance makeup of what is called a performance isoquant.

Ans. An isoquant is defined as the locus of all those combinations of labour and capital which yield the same output. As an example, a cobbler having the minimum tools would hardly be able to complete one pair of shoes in a day while another cobbler of the same efficiency having a sewing machine and other useful tools could perhaps make two pairs of shoes in a single day.

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Read this article to learn about the laws of returns: the isoquant-isocost approach! The various production functions were explained in terms of the traditional analysis. This article explains them with the help of the isoquant-isocost approach. The technique involved here is similar to the indifference curve technique used in consumption theory.

Process writing is a move away from students writing to test their language towards the communication of ideas, feelings and experiences. It requires that more classroom time is spent on writing, but as the previously outlined activities show, there is more than just writing happening during a session dedicated to process writing.

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Approaches in Psychology Topic Essays - Amazon S3.