Asked by maggie Radziszewski on May 10, 2024
Verified
If we take the production function and hold the level of output constant, allowing the amounts of capital and labor to vary, the curve that is traced out is called:
A) the total product.
B) an isoquant.
C) the average product.
D) the marginal product.
E) none of the above
Isoquant
An isoquant is a curve that represents all the combinations of inputs that produce the same level of output in production theory.
Production Function
A mathematical representation that describes the relationship between inputs and outputs in the production process.
Output
The total amount of goods or services produced by a company or an economy.
- Acknowledge the diverse curves employed in production theory, including isoquant, isocost, and the production possibilities frontier.
Verified Answer
MK
Meaghan KalerMay 15, 2024
Final Answer :
B
Explanation :
An isoquant represents all the possible combinations of capital and labor that can produce a given level of output. So, if we hold the level of output constant and vary the amounts of capital and labor, we can trace out an isoquant curve. Therefore, the correct answer is B) an isoquant.
Learning Objectives
- Acknowledge the diverse curves employed in production theory, including isoquant, isocost, and the production possibilities frontier.