Isocline:
•There
can be number of possible output levels as shown in figure and least cost
combination can be found out for these various output levels. (I have described about Least cost combination in next blog)
•A
line or curve connecting the least cost combinations of inputs for all output
levels is known as isocline.
Expansion path:
•
Of
many isoclines, the isoclines which is considered to be the most appropriate
over a production period is expansion path or scale line
•At
any particular time only one expansion path is possible
Ridgeline:
•Ridgeline
represents the points of maximum output from each input, given a fixed amount
of another input
•Beyond
the ridge line it is less economic to produce
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