to say that isoquants are convex is to say that:

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26-10-2022
Social Studies

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to say that isoquants are convex is to say that:

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-10-29T00:43:54-04:00

To say that isoquants are convex is to say that the marginal rate of technical substitution falls as labor increases.

A firm's equivalent of the consumer indifference curve is called an isoquant. An isoquant is a curve that displays all the input configurations that result in the same output level. Iso is for equal, while quant stands for amount. An isoquant so indicates a fixed amount of output. The "Equal Product Curve," "Production Indifference Curve," or "Iso-Product Curve" are other names for the isoquant curve.

In more ways than one, an isoquant is "analogous" to an indifference curve. Isoquants' characteristics resemble those of indifference curves. Some of the distinctions, nevertheless, could also be noticed. First off, utility cannot be assessed using the indifference curve approach.

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