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Microeconomic Theory Dilfraz Singh, Lovely Professional University
Notes
Unit-10: Isoquant Curve
CONTENTS
Objectives
Introduction
10.1 What is an Isoquant Curve?
10.2 Assumptions
10.3 Explanation
10.4 Slope of Isoquant Curve and Marginal Rate of Technical Substitution
10.5 Isoquant Map
10.6 Characteristics or Properties of Isoquant Curves
10.7 Iso-cost Line
10.8 Difference between Isoquant Curves and Indifference Curves
10.9 Producer’s Equilibrium or Least Cost Combination of Factors
10.10 Conditions of Optimum Combinations of Factors or Least Cost Combinations
10.11 Principle of Substitution
10.12 Expansion Path
10.13 Isoquants and Returns to Scale
10.14 Isoquant Curve and Returns to a Factor
10.15 Summary
10.16 Keywords
10.17 Review Questions
10.18 Further Readings
Objectives
After studying this unit, the students will be able to:
• Understand Isoquant Curves.
• Study the Iso – Cost Line.
200 LOVELY PROFESSIONAL UNIVERSITY
