Application of Equal Product Curves

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Application of Equal Product Curves

 The isoquant technique is applicable to agricultureand to all lines of manufacture. TIle marginal rate of technical substitution guides in the substitution of some units of one input for some units of another input. in some cases.increased use of labour can heir in making a reduction in the use of raw materials. because spoilage and wastage of ruatcrial may be cut to the minimum. Similarly. \’Y ;Hlding to the supervisory statf.Iabour may be cconomiscd or the iuuoduction of machinery may cut down the use of labour. In this way. the businessman tries various permutations and combinations and the Isoquant technique helps him in reaching the most economical combination.

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Application of Equal Product Curves