Isoquants:
The isoquant analysis aids to understand how distinct combinations of two or more factors are employed to generate a given level of output. Considering two factors of production, (i.e., capital and labor) the table shown below exhibits various combinations of capital and labor which help a firm to generate 1000 units of a product.
Table: Production with two variable inputs
From the above table, it is apparent that all combinations with various quantities of labor and capital outcome in similar level of production of 1000 units.
Figure: Isoquant Curve
The two axes evaluate the quantities of labor and capital and the curve IQ exhibits the various combinations which generate 1000 units of output. Each of the points R1, R2, R3, R4 & R5 on the curve exhibits a capital-labor combination which can generate 1000 units of output. Hence the curve is termed as an equivalent product curve or an isoquant curve.
Therefore an isoquant or iso-product curve symbolizes dissimilar combinations of two factors of production which yield similar level of output.
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