--%>
Assignment Help - homework help

  Characteristics of an isoquant

Characteristics of an isoquant:

1. The isoquant is downward sloping from left to right that is, it is negatively sloped.

2. An isoquant is convex to the origin since of the reducing marginal rate of technical replacement. Marginal rate of technical replacement of factor X (i.e., capital) for factor Y (i.e., labor) might be stated as the amount of factor Y (i.e., labor) that can be substituted by one unit of factor X (i.e., capital), the level of output enduring unchanged.

MRTS CL = Δ L/ Δ C

MRTS can be computed employing the above formula:

2458_isoquant table.jpg

Therefore the marginal rate of technical replacement is always diminishing. Therefore the isoquant is always convex to the origin. The slope of the isoquant symbolizes marginal rate of technical replacement.

Higher the isoquant, higher will be the level of output formed. A set of isoquants that symbolizes various levels of output is termed as “isoquant map”. In isoquant map, the isoquants on the right side symbolize higher levels of output and vice-versa.

305_isoquant map.jpg

Figure: Isoquant map

 

Latest technology based Economics Online Tutoring Assistance

Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Production help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Production, project ideas and tutorials. We provide email based Production help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Production. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Production. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.