It is the name given to the line that is drawn through a set of points at which the same output is produced even when the value of two inputs is changed.
There is an indifference curve mapping that is present. It would help us to solve the consumer issues in regard to the utility maximizing issues. The isoquant mapping is something that helps in the cost minimization problems that are to be dealt by the producers. They are the lines that can be usually seen to be drawn on the capital-labor graphs.
They help in displaying very clearly about the tradeoff between the labor and the capital in the production function. They also show the decreasing marginal returns in both the cases of labor and capital. When you add one input, while you keep the other one as a constant one, then there is a decrease that is seen in the marginal output value.
This change is shown in the isoquant shape. When there are a number of isoquants that are represented together in the same graph, then it is called as the isoquant mapping. The isoquants are also called as the equal product curves.
The isoquant has the ability to substitute by choosing between the inputs that it wants to. This is done in order to bring out the same level of output in all the cases that are tried. There are other things that the isoquant map can do.
It has the capacity to show the level of increase or decrease that is seen in the return to scales. This is possible to do by looking at the increase or the decrease that is seen in the distance between the pairs of isoquants or the fixed output increment, which is seen when the output is seen to be increasing.
In case there is a decrease in the distance between the two isoquants, withy the increase in the output levels, then there is a decrease in the returns to scale that is seen by the firm or the company.
This is true in the opposite case too. In this case, if you try to double the inputs, then there will be less than double the output when compared to the previous isoquant.
These are the certain details about the isoquants and the isoquants mapping. These are very important aspects in the field of economics. The economists are very much interested in this.