Explain Isoquant curve with its characteristics

Q: y= f(x1,x2)=x1ax2b Derive the equation for an isoquant curve.   If a=b=0.5 , the price of factor 1…

A: y= f(x1,x2)=x1ax2b a=b=0.5 the price of factor 1 is 12, the price of factor 2 is 3

Q: The slope of an isoquant measures the

A: Isoquant curve is the curve which shows the combination of inputs which can be used for producing…

Q: Suppose that during an economic boom labour costs rise by 100% and are expected to stay at that…

A: Isoclines are curves on an isoquant map that pass through points with identical marginal rates of…

Q: Suppose the isoquant represents the production of 120 pencils. What will happen to the isocost and…

A: A. If labour become more costly than the isocost line will pivot towards left from horizontal axis…

Q: The average product of labor for three workers is 16 and the marginal product of labor for the…

A: Average product of labor refers to the output per labor. Marginal product of labor refers to the…

Q: production function Y=F(K,L) = 2K + VI . sa) Write its differential, dF(K,L). Consider the 54) Draw…

A: Given  Y=F(K,L)= L+2K

Q: With reference to returns to scale: a) Explain what is meant by returns to scale. b) Use an isoquant…

A: a) Returns to scale refers to how the output changes as the input changes. There are three types of…

Q: Differentiate the isocost from the isoquant

A: In the production of goods and services, various factors of production or inputs are used in…

Q: Why is the point of isoquant tangent to the isocost called the optimal combination?

A: An isoquant is a locus of points which shows different combinations of two inputs which can be used…

Q: The isoquants for inputs that are perfect complements for one another consist of a series of:

A: The two goods can be called ‘perfect complement’ if one good can be consumed with another good.…

Q: Whenever the total factor cost function and the total value of the product function are parallel to…

A: In the market, total cost curve depicts the amount of money used by the firm to make production…

Q: Example about isoquants and isocost curve

A: Total cost:  The total cost refers to the sum total of fixed costs and variable costs that are used…

Q: Critically review the key characteristics of the Isoquants curve.

A: The Iso-product or Iso - quants curves represent the different combinations of two inputs to…

Q: Using illustrations/diagrams, show the relationship between production function and MPL (Marginal…

A: Production function is the technical relationship between inputs and output.  Marginal product of…

Q: The marginal product of labor schedule for a firm is given below for alternative levels of labor.…

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Q: What is an isoquant? What is a marginal product? What is the technical rate of substitution? Explain…

A: Utility: The utility is the power or ability of the goods and services that satisfy the consumers…

Q: 4. Draw the isoquant for the following production function and indicated level of output. Q = min…

A: Economics as a subject was developed to allocate scarce resources among humans with unlimited wants…

Q: What is the concept map of the Law of Diminishing Returns to a Factor?

A: The law of diminishing returns explains that if one input in the production of a commodity is…

Q: Consider a production firm whose production function has the isoquant shown in the following graph.…

A: Given is the graph of the production firm's isoquant. The isoquant is a downward sloping curve in…

Q: Along an isoquant, The MRTSfork equals the MP of K/ MP of L. Price of L/ Price of K. O the MP of…

A: The marginal rate of technical substitution (MRTS) illustrates the rate at which one of the factor…

Q: Theoretically and mathematical prove that the slope of isoquant curve is equal to the ratio of…

A: An isoquant is a graph that depicts the many capital and labor combinations that a firm can utilize…

Q: Hierarchy of Isoquant

A: Answer -

Q: isoquants and the isocost

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: X and Y are factors of production. They are used to make a fixed output, Z, of the product. The…

A: The main objective of a rational producer is to maximize profit by allocating its resources…

Q: Define marginal rate of technical substitution. Why does it decrease along the isoquant?

A: Marginal rate of technical substitution of labor for capital can be defined as the number of units…

Q: Total Product Average Product (Sandwiches per hour) (Sandwiches per worker) Workers 1 2 3 4 5 In the…

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Q: Exhibited in the table below are the two isoquants and the isocost for a hypothetical firm A B C D E…

A: ISOQUANTS : Labor Capital Labor Capital 40 1 80 1 28 2 38 2 18 3 28 3 10 4 20 4 4 5 14…

Q: Graph the change on the production function when a firm decreases its labour

A: Production function shows the relationship between output and number of labor employed. Change in…

Q: If isoquants are plotted on a graph with capital measured on the vertical axis and labor on the…

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Q: The production function for hamburgers can be written as q = 0.1X + 0.1Y, where X is Canadian ground…

A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…

Q: The fast food company Schnabb uses labor and capital to produce its product. Holding the production…

A: Profit maximisation is a firm's financial goal. If its total output remains fixed in the near run…

Q: Using the information given in the table, draw the isoquant corresponding to an output level of 135.…

A: output of 135 can be produced by following combinations of labor and capital:

Q: what are role of isocost lines in isoquant?

A: In the production of goods and services, various factors of production or inputs are used in…

Q: . Differentiate the isocost from the isoquant. Explain.

A: In the production of goods and services, various factors of production or inputs are used in…

Q: As the marginal physical product of a variable input increases, the marginal cost decreases. a.…

A: The cost of one additional unit of output is known as marginal cost. The concept is used to…

Q: Explain Isocost line?

A: The cost implies the incurred cost on producing of an output. The costs are of two types: Explicit…

Q: Hierarchy of Isoquants

A: An isoquant is a curve that shows the level of output that can be produced with different…

Q: a. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the…

A: The three criteria can be explained as: The convex shape isoquant- The nature of the production…

Q: C. Graph the isoquant for Qo = 20 and the isocost line. Label the tangency point E.

A: The cobb Douglas Production function The production function in the long run is Y=A(LK,N) Y= output…

Q: How can a managerial econmist help in operations of: (a) a service organization; (b)…

A: Managerial Economist : A Managerial Economist is the one who is appointed to raise the efficiency of…

Q: Consider the isoquant for gelato production as graphed below. Use the graph to answer question 27.…

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Q: tangency point between an isoquant and an isocost line identines a: The least costly combination of…

A: An isoquant shows the various combinations of factors of two inputs which help in the production of…

Q: Consider the followng production function: 3..3 q = x;x: where x1 and x2 measure the employed…

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Q: Explain Linearly Homogeneous production function with the numerical example.

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Q: Explain Isoquant curve?

A: For the production of goods and services firms requires factors of production namely land, labor,…