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Asset-V1 MITx+14.100x+2T2020+type@asset+block@Lecture 8 Handout

The document contains 4 figures related to isoquants and production: Figure 8-1 shows a basic isoquant curve; Figure 8-2a and 8-2b illustrate the differences between perfectly and non-substitutable inputs; Figure 8-3 plots isoquants and marginal rate of technical substitution; and Figure 8-4 depicts isoquants with increasing and decreasing returns to scale.

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35 views5 pages

Asset-V1 MITx+14.100x+2T2020+type@asset+block@Lecture 8 Handout

The document contains 4 figures related to isoquants and production: Figure 8-1 shows a basic isoquant curve; Figure 8-2a and 8-2b illustrate the differences between perfectly and non-substitutable inputs; Figure 8-3 plots isoquants and marginal rate of technical substitution; and Figure 8-4 depicts isoquants with increasing and decreasing returns to scale.

Uploaded by

camirandam
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Figure 8-1: Isoquants

0 L
Figure 8-2a: Perfectly substitutable inputs
y

0 x
Figure 8-2b: Non-substitutable inputs
y

0 x
Figure 8-3: Isoquants and MRTS
K (1,4)
4
A

(2,2)
2
B

(4,1)
1
C

0 1 2 3 4
L
Figure 8-4: Isoquants with increasing and decreasing
returns to scale

6-5

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