Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line, and the slope of that straight line provides critical managerial information? Please clarify.© BrainMass Inc. brainmass.com October 9, 2019, 5:23 pm ad1c9bdddf
It can take variety of forms. But in theory we take it as convex . Along this curve same quantiy of output is produced by changing the combination of two input. It results ...
This explain the concept of isoquant curves.