Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun A
line ofequal orconstant economic production on agraph ,chart ormap .
Etymologies
Sorry, no etymologies found.
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Examples
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The firm may well reorganize to have a higher capital labor ratio as a result, but total output will be lower because the firm's new budget constraint is below the initial budget constraint, and therefore, also below the prior isoquant.
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Prior to whatever mechanism made labor more costly, the firm was operating on an isoquant tangent to the initial buget constraint.
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It is an artifact of product aggregation, not factor substitution (i.e., along a given product isoquant).
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OK, Irwin told me what isoquant meant, at the remote today, and I have forgotten it by now but it appears to be a real word.
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An isoquant is a collection of input combinations that yield the same output to a firm.
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