Isocost & Isoquant - Unionpedia, the concept map
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Difference between Isocost and Isoquant
Isocost vs. Isoquant
In economics, an isocost line shows all combinations of inputs which cost the same total amount. An isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. The x and y axis on an isoquant represent two relevant inputs, which are usually a factor of production such as labour, capital, land, or organisation. An isoquant may also be known as an “Iso-Product Curve”, or an “Equal Product Curve”.
Similarities between Isocost and Isoquant
Isocost and Isoquant have 4 things in common (in Unionpedia): Budget constraint, Expansion path, Marginal rate of technical substitution, Production function.
The list above answers the following questions
- What Isocost and Isoquant have in common
- What are the similarities between Isocost and Isoquant
Isocost and Isoquant Comparison
Isocost has 9 relations, while Isoquant has 15. As they have in common 4, the Jaccard index is 16.67% = 4 / (9 + 15).
References
This article shows the relationship between Isocost and Isoquant. To access each article from which the information was extracted, please visit: