What are the properties of Isoquants
What are the properties of Isoquants?
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1. Isoquants consist of a negative slope:
An isoquant contain a negative slope in the economic area or in the relevant range. Economic area means where substitution among inputs is technically possible which keeps similar output.
2. Isoquants are convex to origin:
Convex nature of Isoquant demonstrates the substitutability of one factor for other and the diminishing marginal rate of technical substitution
3. Isoquant can’t Intersect or be tangent to other.
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