Microeconomics,, 16th Canadian Edition

(rishikesh) #1

Appendix to Chapter 8 Isoquant


Analysis


The production function gives the relationship between the factor inputs
that the firm uses and the output that it obtains. In the long run, the firm
can choose among many different combinations of inputs that yield the
same output. The production function and the long-run choices open to
the firm can be represented graphically by using isoquants.

Free download pdf