econ - finals

indicates equal cost, also it represents a combination of inputs which all cost of the

same amount.

defined as the set of isoquant curves that show technically efficient combinations

Additional product that is created when there is an additional input.

Is a line which shows the various combinations of two inputs that can be used to produce

a given level of output

states that when successive units of a variable input are combined with a fixed input,

beyond a certain point

refers to the expression of the technological relation between physical inputs and

outputs of the goods.

all factors of production are various according to the volume of outputs

remain the same in the short period

the planner, organizer and coordinator of other factors of production

According to (?????) “ the entrepreneur is the innovator who has the

courage and imagination to handle old systems, and be able to transform theory

into practice.

”