Isoquants are curves that represent combinations of inputs (typically labor and capital) that produce the same level of output.

The key features of isoquants include:

Downward Sloping: Generally, isoquants slope downwards from left to right, indicating that as the quantity of one input increases, the quantity of the other must decrease to maintain the same level of output, reflecting the trade-off between inputs.

Convex to the Origin: Isoquants are convex to the origin due to the diminishing marginal rate of technical substitution. This characteristic indicates that, in the process of substituting one input for another to maintain constant output, an increasingly larger quantity of the substituting input is required.

Non-intersecting: Isoquants never intersect each other because each curve represents a different level of output. Intersection would imply the same combination of inputs produces different levels of output, which is impossible.

Higher Isoquants Represent Higher Output Levels: Moving to an isoquant further from the origin indicates higher production levels. This feature helps in analyzing production efficiency and scale.

Cannot Touch the Axes: This characteristic suggests that production requires a positive amount of both inputs. An isoquant touching an axis would unrealistically imply output with only one input.

Managers use isoquants to determine the most cost-effective combination of inputs for a given output level, helping optimize production processes and resource allocation.