Welcome to Andswaru (the Old English word for answer)! Have you ever noticed how when you search the internet for a question, you are usually taken to some type of open forum with a twenty page thread full
of answers that range from poor to mediocre to excellent and it can take a very unnecessary amount of time for you to sift through all of them to get a complete answer even for the most trivial of questions? Andswaru provides one eloquent perfected answer to each question, both fully editable and contributed to by field experts.
to help make the world a better place!
What is the difference between an isoquant curve and an indifference curve?
Did this answer your question?
The differences between the two are as follows:
1. The isoquant curve refers to 2 factors of production while the indifference curve refers to the relationship between 2 commodities.
2. The isoquant measures the quantity of output whle the indifference curve focuses on the level of satistaction.
3. Isoquants can be labeled easily while the indifference curve cannot because numerical measurement is not possible.
4. The difference between quantities in one curve to another is quantifiable while the extent in the difference in satisfaction cannot be quantified.
|What is an isoquant? It is an equal product curve. This curve represents all combinations of 2-factor inputs which produce a certain product quantity.|
Copyright © 2014 Andswaru