The axes can represent different factors of production, and the curves represent the tradeoff between them. These economic curves are similar to indif
The axes can represent different factors of production, and the curves represent the tradeoff between them. These economic curves are similar to indifference curves, but are drawn in production space rather than consumption space. Unlike indifference curves which are not associated with any specific amount of utility, each of these curves represents a certain level of output for the firm. FTP, what are these curves, thus named because they link points of equal quanitity of production, much like isobars connect points of equal pressure.
The axes can represent different factors of production, and the curves represent the tradeoff between them.
{Isoquants}