Explain graphically how isoquant-isocost analysis can be used to derive long-run labor demand curve. Distinguish between the substitution and output effects. Isoquant: Isoquant shows the relationship between two or more inputs t...
choose the least cost x’s Isoquants An isoquant curve in two dimensions represents all combinations of two inputs that produce the same quantity of output The word “iso”means same while “quant” stand for quantity Isoquants are contour lines of the production function If we plot in x1...
Google Share on Facebook isocost line a line showing combinations ofFACTOR INPUTSthat can be purchased for the same total money outlay. SeeISOQUANT CURVE. Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005 ...
1. By analysis of using governments isoquant and isocost curve, the combinations are proved to exist. 通过引入政府等“产量”线和等成本线的分析,从理论上证明了最优的公有化与私有化组合、计划与市场化组合的存在。2) the equal cost curve 等成本曲线...