Isoquants with Two Variable Inputs 2 y≡8 y 0 2 6 10X
Isoquants with Two Variable Inputs y y x1 x2
Technologies with Multiple inputs The complete collection of isoquants is the isoquant map The isoquant map is equivalent to the production function - each is the other E.g y=f(x1,x2)=2x1/3x1/3
Technologies with Multiple Inputs ◆The complete collection of isoquants is the isoquant map. ◆The isoquant map is equivalent to the production function -- each is the other. ◆E.g. 1/ 3 2 1/ 3 1 2 2 1 y = f (x , x ) = x x
Isoquants with Two Variable Inputs 2 8 y≡8 y≡ 642 0 2 6
Isoquants with Two Variable Inputs y y x1 x2 y y
Cobb-Douglas Technologies + Cobb-Douglas production function is of the form y=Axx22x…×Xn ◆Eg 1/3、1/3 y X1 X 1 n=2, A=l, a1=and a2=-. 3
Cobb-Douglas Technologies ◆A Cobb-Douglas production function is of the form ◆E.g. with y Ax x x a a n an = 1 2 1 2 . y = x1 x 1/3 2 1/3 n = 2 A = 1 a = and a = 1 3 1 3 1 2 , ,
Cobb-Douglas Technologies All isoquants are hyperbolic (双曲线), asymptoting(渐进)to but never touching any axis x a 1ya2 1^2
x2 x1 All isoquants are hyperbolic (双曲线), asymptoting (渐进) to, but never touching any axis. Cobb-Douglas Technologies y x x a a = 1 2 1 2