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Question:

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


Keywords: isoquant, indifference-curveIn Society > Economics on December 30, 2012.

Answer:

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.

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Related Questions:

Do isoquants intersect? No. Each isoquant represents a level of output so the curve for a smaller output should not intersect with the curve for the...
What kind of slope do isoquants have? Isoquants have negative slopes. To make sure that the output remains the same, one input should decrease if the other increases.
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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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