When there is a combination of labor and capital along a given isoquant they all must produce the same amount of output.
An isoquant in economics is a curve that, when plotted on a graph, indicates all the mixtures of two factors that produce a given output. Frequently used in manufacturing, with capital and labor as the 2 factors, isoquants can display the optimal combination of inputs that will produce the maximum output at a minimal price.
A production function describes the maximum output that can be done with any given combination of inputs. An isoquant identifies all of the different combinations of inputs that can be used to produce one particular level of output.
The least cost combination occurs when a company adjusts its employment of resources to minimize prices. The least cost combination is found in which the marginal product per dollar for all the resources a company employs is equal.
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