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...Unit ii theory of production and cost analysis function the expresses a functional relationship between physical inputs outputs firm at any particular time period output is thus mathematically can be written as q f l c o t where stands for quantity various input factors such land labour capital organization technology here hence becomes dependent variable are independent variables definition michall r baye which defines maximum amount that produced with given set isoquants an isoquant curve representing combinations two produce same also known iso product equal indifference shows different producing level units quintals b d e combination represent produces all other in table assumed to yield say by employing one alternative if we plot these on paper join them will get continues smooth called shown below x axis y iq features downward sloping curves because increases reduces there no question increase both degree substitution convex origin not perfect substitutes important factor substit...