question archive Comparing Consumers and Producers 1) Explain the difference between a consumer's indifference curve and a producer's isoquant
Comparing Consumers and Producers 1) Explain the difference between a consumer's indifference curve and a producer's isoquant
Subject:EconomicsPrice: Bought3
Comparing Consumers and Producers
1) Explain the difference between a consumer's indifference curve and a producer's isoquant. Point out the essential similarities as well as the essential differences.
2) In terms of the concept of returns to scale, why is this more appropriate for producer theory rather than consumer theory?
