Isoquant Curve Or Production Indifference Curve

Isoquant curve represent the various combinations of two inputs that produce the same amount of output.  It is also called as iso-product curve, equal-product curve or  production indifference curve.  In other words, isoquant may be described as a curve which shows the different combinations of the two inputs producing a given level of output.

Linear Isoquant:  This type has perfect substitutability between factors of production, that is a given output can be produced by using only capital or only labour or by a large number of combinations of capital and labour.

Input-output isoquant:  If we think strict complementary between the inputs, we

get input-output
isoquants.  When there is only one method of production for any commodity, its isoquants take the shape of right angle. 

Kinked isoquant: Assumes limited substitutability of capital and labour.  There are only a few proces available for producing any commodity , substitutability of factors is possible only at bends.

Smooth convex isoquant: Continuous substitutability of capital and labour only over a certain range, beyond which factors cannot be substituted for each other.   Isoquant appears as a smooth curve convex to the origin.

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Last updated on 29-07-2016 4K 0

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