**(Equal Product Curve or ISO Product Curve or Production Indifference Curve):**

## Definition and Meaning:

*The word ‘iso’ is of Greek origin and means equal or same and the word ‘quant’ means quantity. An isoquant may be defined as:*

“A curve showing all the various combinations of two factors that can produce a given level of output. The isoquant shows the whole range of alternative ways of producing the same level of output”.

**The modern economists are using isoquant, or “ISO” product curves** for determining the optimum factor combination to produce certain units of a commodity at the least cost.

## Schedule and Example:

The *concept of isoquant or equal product curve can be better explained with the help of a schedule (table) and example, given below:*

In the table given above, it is shown that a producer employs two factors of production X and Y for producing an output of 100 meters of cloth. There are five combinations which produce the same level of output (100 meters of cloth).

The factor combination A using 1 unit of factor X and 14 units of factor Y produces 100 meters of cloth. The combination B using 2 units of factor X and 10 units of factor Y produces 100 meters of cloth. Similarly combinations C, U and E, employing 3 units of X and 7 units of Y, 4 units of X and 5 units of Y, 5 units of X and 4 units of Y produce 100 units of output, each. The producer, here, is indifferent as to which combination of inputs he uses for producing the same amount of output.

## Diagram (ISO Product Curve):

**The alternative techniques for producing a given level of output can be plotted on a diagram (ISO product curve).**

The diagram 12.1 shows the 100 units isoquant plotted to ISO product schedule. The five factor combinations of X and Y are plotted and are shown by points a, b, c, d and e. If we join these points, it forms an **‘isoquant’.**

An isoquant therefore, is the graphic representation of an** iso-product **schedule. It may here be noted that all the factor combinations of X and Y on an **iso-product curve** are technically efficient combinations. The producer is indifferent as to which combination he uses for producing the same level of output.

It is in this way that an** iso product curve is also called ‘production indifference curve’.** In the figure 12.1, ISO product IP curve represents the various combinations of the two inputs which produce the same level of output (100 meters of cloth).

## Isoquant Map:

An **isoquant map** shows a set of iso-product curves. Each isoquant represents a different level of output. A higher isoquant shows a higher level of output and a lower isoquant represents a lower level of output.

### Diagram:

In the above diagram 12.2, a family of three iso-product curves which produce various level of output is shown. The iso product IQ_{1} yields 100 units of output by using quantities of inputs X and Y. So is also the case with isoquant IQ_{2} yielding 300 units of output.

We conclude that an **isoquant map** includes a series, of *iso-product curves.* Each **isoquant** represents a different level of output. The higher the isoquant output, the further right will be the *isoquant.*