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What is the difference between an isoquant curve and an indifference curve?
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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.|
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