I have the Properties of Isoquants. That is, 1.Isoquants is convex to origin. 2.Higer the Isoqunt to the right, higher is the level of production it represents. 3.Two Isoquants can never intersect each other 4.Isoqunts need not be parallel Isoqaunt cannot touch either of the axes. 5.Isoqaunt are negatively inclined. 6.Units of the factors and output represented by an isoqaunt are arbitrary. 7.Between two isoqaunt, there can be a number of isoqaunt. Please share the video on UA-cam...
The perfect example for perfect compliment I would say are shoes. It doesn't matter if you have 10 right footed shoes if you don't have the left footed shoe. Meaning you have to have a pair of right and left footed shoe so it would be worth anything. For example you'd rather have one pair of shoes you could wear ( left and right ones) rather then single right footed shoes ( they'd be no good to you). Meaning, the amount isn't greater then the actual number needed to make a fit.
That would work for something like indifference curves, but in this case the graph is referring to capital and labor, so there needs to be one example of capital and one example of labor.
Dear Kae kay, Regarding the examples: you basically need two examples, to describe the extreme situations. 1) perfect substitutes: if you are making tomato sauce, you can use two types of tomato (a or b). If they are perfect substitute, no matter which kind of tomato you decide to use more of, you´ll increase the quantity of tomato sauce produced. 2) perfect complementary inputs: for instance, take motorbikes. In order to increase the production of motorbikes, you´ll need a front wheel, and rear wheel. If you keep on increasing front wheels without increasing rear wheels, your production of motorbikes will not increase. All other cases fall in between these two extremes. Regarding the difference between isoquants and the production possibility frontier: the former analyses two inputs, while the latter analyses two outputs. You can learn more watching this video: ua-cam.com/video/lW7utZ805GI/v-deo.html Thanks for watching!
Mam I have one doubt... If capital is kept 1 unit and labour is kept 10 units and production is let's say 100 units, and then I increased by capital by 1 extra unit making it 2, and so decreased the labour by 4 units, still the production being same... And then again I increased capital by 1 unit, and now the labour should again decrease by 4 units only no, because in 1st case we saw that work of 4 labourers is done by 1 unit of capital... Mam please clear it.
Dear cp prasad, Thanks for your comment! It's not really up to the firm which type of isoquant to choose. It mostly depends on the type of good being produced, the technology this production requires and the prices of the inputs used, as well as the proportions needed. A firm might be able to "modify" their isoquant by, for example, changing the machinery it uses, or by changing the proportions needed of input for this production. We hope this explanation was helpful!
Dear +xin jin , Sorry, but we need more information to answer your question. As far as we understand it, in the example you ask about, X represents the output produced, and therefore it could represent any first isoquant in our video. Thanks for watching! The Policonomics Team
short, crisp and precise.
loved it!
thanks for the great explanation
Sample equations would help a lot.
A lot of information in just 3 min. Thank you
I have the Properties of Isoquants.
That is, 1.Isoquants is convex to origin.
2.Higer the Isoqunt to the right, higher is the level of production it represents.
3.Two Isoquants can never intersect each other
4.Isoqunts need not be parallel
Isoqaunt cannot touch either of the axes.
5.Isoqaunt are negatively inclined.
6.Units of the factors and output represented by an isoqaunt are arbitrary.
7.Between two isoqaunt, there can be a number of isoqaunt.
Please share the video on UA-cam...
Bless you for saving my life ♥️
The perfect example for perfect compliment I would say are shoes.
It doesn't matter if you have 10 right footed shoes if you don't have the left footed shoe.
Meaning you have to have a pair of right and left footed shoe so it would be worth anything.
For example you'd rather have one pair of shoes you could wear ( left and right ones) rather then single right footed shoes ( they'd be no good to you).
Meaning, the amount isn't greater then the actual number needed to make a fit.
but shoes are sold as a pair so that wouldn't make sense
@@irGuilty its an example
That would work for something like indifference curves, but in this case the graph is referring to capital and labor, so there needs to be one example of capital and one example of labor.
thankyou so much, may God bless your life
Ur approach is so fantastic. keep it up.
Thanks for simplifying it
This week's featured video explains everything you need to know about isoquants:
B.2 Isoquants | Production - Microeconomics
Learn, and enjoy!
better if you give examples of such goods and services for isoquants and can you make it simple the difference b/w IsO quants and PPC.
Dear Kae kay,
Regarding the examples: you basically need two examples, to describe the extreme situations.
1) perfect substitutes: if you are making tomato sauce, you can use two types of tomato (a or b). If they are perfect substitute, no matter which kind of tomato you decide to use more of, you´ll increase the quantity of tomato sauce produced.
2) perfect complementary inputs: for instance, take motorbikes. In order to increase the production of motorbikes, you´ll need a front wheel, and rear wheel. If you keep on increasing front wheels without increasing rear wheels, your production of motorbikes will not increase.
All other cases fall in between these two extremes.
Regarding the difference between isoquants and the production possibility frontier: the former analyses two inputs, while the latter analyses two outputs. You can learn more watching this video:
ua-cam.com/video/lW7utZ805GI/v-deo.html
Thanks for watching!
Thank u for saving my microeconomic!!
谢谢！！好人一生平安~
Mam I have one doubt... If capital is kept 1 unit and labour is kept 10 units and production is let's say 100 units, and then I increased by capital by 1 extra unit making it 2, and so decreased the labour by 4 units, still the production being same... And then again I increased capital by 1 unit, and now the labour should again decrease by 4 units only no, because in 1st case we saw that work of 4 labourers is done by 1 unit of capital... Mam please clear it.
Thank you so very much. This video is really helpful.
Thanks for watching!
this video saved me
Thank you very much liked it.
you explained about three types of iso quants,from the three the firm uses anyone of them?
Dear cp prasad,
Thanks for your comment!
It's not really up to the firm which type of isoquant to choose. It mostly depends on the type of good being produced, the technology this production requires and the prices of the inputs used, as well as the proportions needed.
A firm might be able to "modify" their isoquant by, for example, changing the machinery it uses, or by changing the proportions needed of input for this production.
We hope this explanation was helpful!
what does it mean for some case that shows＂ isoquants x=1＂？
Dear +xin jin ,
Sorry, but we need more information to answer your question. As far as we understand it, in the example you ask about, X represents the output produced, and therefore it could represent any first isoquant in our video.
Thanks for watching!
The Policonomics Team
Thanks
Thank you so much
Excellent
Thank you +Rowlando Morgan !
shouldn't the values of axis be opposite
k on the y-axis and l on the x-axis
well that's what it says in the book and other UA-cam vidoes
you can name them any way you want.
yea my professor taught us that way
Really good.!!
Terrific
thank uuu
what's the name of the line that passes through the optimal points of the isoquant curves?
my dick