Isoquant

 

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Isoquant

A curve representing the combinations of factor inputs that yield a given level of output in a production function.



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Unit-value isoquant

Unit-value isoquant

The isoquant for a quantity of a good worth one unit of value. This is meaningful only if the nominal price of the good is given, for some specified currency or numeraire. Unit-value isoquants are central to the Lerner diagram for analyzing the Heckscher-Ohlin Model.


Unit isoquant

Unit isoquant

The isoquant for a quantity equal to one unit of a good. The unit isoquant is useful for relating the price of a good to the prices of factors employed in its production.




 
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