What are ridge lines isoquants?

The ridge lines are the locus of points of an iso-quants where the marginal product of factors is zero. An isoquant is ovalshaped but its area of rational operation lies between the ridge lines. They are the locus of points of isoquants where the marginal products (MP) of factors are zero.

What is the concept of ridge lines?

noun. a line formed along the highest points of a mountain ridge. an area of higher ground separating two adjacent streams or watersheds.

What is the significance of ridge lines to the production managers?

Ridge lines eliminate economically irrelevant input combinations and encompass economically feasible range of production.

What are ridge lines explain the economic region of production?

Above the line OA and below the line OB slope of the isoquants is positive which means that increases in both capital and labour are required to produce a given fixed quantity of output. The ridge lines are the combination of points where marginal product (MPLK) of one of the factors is zero.

What are isoquants and its properties?

An isoquant is a firm’s counterpart of the consumer’s indifference curve. An isoquant is a curve that shows all the combinations of inputs that yield the same level of output. ‘Iso’ means equal and ‘quant’ means quantity. Therefore, an isoquant represents a constant quantity of output.

Why isoquants are negatively sloped?

The isoquants slope downward because both labour and capital have positive marginal products. More of either input increases output; so if output is to be kept constant as more of one input is used, less of other input must be used.

What is ridge line in surveying?

A ridge is a line of high ground, with the land dropping away on either side. Ridges are common between two hilltops, such as between Kanturk and Scarr. The low point on a ridge is called a ‘col’ or ‘saddle’.

What are ridges explain any three types of ridges in detail?

An arĂȘte is a thin ridge of rock that is formed by glacial erosion. Volcanic subglacial ridges: Many subglacial volcanoes create ridge-like formations when lava erupts through a thick glacier or ice sheet. Shutter ridges: A shutter ridge is a ridge that has moved along a fault line, blocking or diverting drainage.

What is the reason behind an isoquant curve that is convex to the origin?

An isoquant must always be convex to the origin. This is because of the operation of the principle of diminishing marginal rate of technical substitution. MRTS is the rate at which marginal unit of an input can be substituted for another input making the level of output remain the same.

What are the properties of isoquant curve?

Properties of Isoquants

  • An isoquant lying above and to the right of another isoquant represents a higher level of output.
  • Two isoquants cannot cut each other.
  • Isoquants are convex to the origin.
  • No isoquant can touch either axis.
  • Isoquants are negatively sloped.
  • Isoquants need not be parallel.
  • Each isoquant is oval-shaped.

What is an isoquant map?

A family of isoquants can be represented by an isoquant map, a graph combining a number of isoquants, each representing a different quantity of output.An isoquant map can indicate decreasing or increasing returns to scale based on increasing or decreasing distances between the isoquant pairs of fixed output increment.

What is the slope of an isoquant?

The slope of the isoquant is defined as the marginal rate of substitution. Isoquants with varying shapes and slopes are illustrated. The shape of an isoquant is closely linked to the characteristics of the production function that transforms the two inputs into the output.