For each element of set T, I [member of] R + m has isoquants
, and Farrell (1957) discovered such isoquants
as efficient boundaries or frontiers in Eq.
Rothbard derives isoquants
and isocosts, and shows that the slope of the isosquant is the marginal rate of technical substitution, and the slope of the isocost is the ratio of the fixed prices, and that the cost minimizing combination of factor inputs for a given level of output is where the slopes of the isoquant
and isocost are equal (Rothbard, 2015 , p.
Meanwhile, the two isoquants
, isoOt and isoOt+1, represent the efficient technology during periods t and t + 1, respectively.
She/he also indicated that, if so, the isoquants
and their tangencies might differ for introductory courses versus advanced courses.
As we move upwards along the age distribution line the slopes of the isoquants
increase where they cut the age distribution line.
In the pure raiding region the isoquants
move upward toward the right.
When we represent this problem of costs and restrictions graphically through isoquants
, we find that the optimal choice, which minimizes costs, is determined by finding the point in the isoquant
that is associated with lowest isocost.
Third, in a k-factor production model, convexity of the isoquants
is implied by negatively signed estimates of [[sigma].
(iso- meaning "same" and quant meaning "quantity") are drawn in Fig.
As the economy grows, the isoquants
may significantly change shape so as to produce a continuous relative price change.
Figure 2 shows the isoquants
for the lowest scores for each range from "Adequate" to "Distinguished," holding the contributions of the other variables constant at zero.
o] representing the unit-value isoquants
for final goods X and Y.