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    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.

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    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 ...

    Solution Summary

    This explain the concept of isoquant curves.