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In economics, an expansion path (also called a scale line [1]) is a path connecting optimal input combinations as the scale of production expands. [2] It is often represented as a curve in a graph with quantities of two inputs, typically physical capital and labor, plotted on the axes. A producer seeking to produce a given number of units of a ...
This condition makes sense: at a particular input combination, if an extra dollar spent on input 1 yields more output than an extra dollar spent on input 2, then more of input 1 should be used and less of input 2, and so that input combination cannot be optimal. Only if a dollar spent on each input is equally productive is the input bundle optimal.
A) Example of an isoquant map with two inputs that are perfect substitutes. B) Example of an isoquant map with two inputs that are perfect complements. An isoquant (derived from quantity and the Greek word isos , ίσος , meaning "equal"), in microeconomics , is a contour line drawn through the set of points at which the same quantity of ...
In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
Two input Leontief Production Function with isoquants. In economics, the Leontief production function or fixed proportions production function is a production function that implies the factors of production which will be used in fixed (technologically predetermined) proportions, as there is no substitutability between factors.
For example, when inputs (labor and capital) increase by 100%, the increase in output is less than 100%. The main reason for the decreasing returns to scale is the increased management difficulties associated with the increased scale of production, the lack of coordination in all stages of production, and the resulting decrease in production ...
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Intuitively, an expander graph is a finite, undirected multigraph in which every subset of the vertices that is not "too large" has a "large" boundary.Different formalisations of these notions give rise to different notions of expanders: edge expanders, vertex expanders, and spectral expanders, as defined below.