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Math Help - isoquant and isocost

  1. #1
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    isoquant and isocost

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  2. #2
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    Re: isoquant and isocost

    Do you understand what the question is asking? In particular what are the definitions of "isoquant" and "isocost"?
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  3. #3
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    Re: isoquant and isocost

    iso ≈ the same

    isoQUANT = a curve showing all combos of prof and admin staff that gives the same QUANTITY

    isoCOST = a curve showing all combos of prof and admin staff that gives the same COST

    attempt: https://dl.dropbox.com/u/586465/Phot...%2030%2011.jpg
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  4. #4
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    Re: isoquant and isocost

    The same quantity of what? Given the salaries of professors and staff, I can see how you would calculate "isocost" but what influence does one professor or one staff member have on "quantity"?
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  5. #5
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    Re: isoquant and isocost

    q = the amount of education, if you wish. they're not producing honey, but knowlegde.
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