Podcast
Questions and Answers
What do ISO quants represent?
What do ISO quants represent?
- Different circular possibilities
- Different cost possibilities
- Different production possibilities (correct)
- Different revenue possibilities
ISO quants are equal to?
ISO quants are equal to?
- Revenue lines
- Product Lines (correct)
- Cost lines
- Indifference curves
What are ISO quants also known as?
What are ISO quants also known as?
- Production possibility curves
- Production indifference curves (correct)
- Indifference curves
- None of the above
At the equilibrium point, an ISO quant is ________ to an ISO cost line:
At the equilibrium point, an ISO quant is ________ to an ISO cost line:
What does an ISO quant show?
What does an ISO quant show?
In economics, what do ISO quants represent?
In economics, what do ISO quants represent?
What does a change in scale mean in production?
What does a change in scale mean in production?
What is it called when an increase in all inputs leads to less than a proportional increase in output?
What is it called when an increase in all inputs leads to less than a proportional increase in output?
What stage is it when output decreases by 20% due to an increase in inputs by 20%?
What stage is it when output decreases by 20% due to an increase in inputs by 20%?
What are Constant Returns to Scale also known as?
What are Constant Returns to Scale also known as?
In Hariharan's case where his production increased by only 80% instead of 100% after increasing all factors by 100%, which law of returns to scale is operating?
In Hariharan's case where his production increased by only 80% instead of 100% after increasing all factors by 100%, which law of returns to scale is operating?
When output increases in a smaller proportion with an increase in all inputs, what kind of returns to scale set in?
When output increases in a smaller proportion with an increase in all inputs, what kind of returns to scale set in?
