Definition of Iso-quant: According to Ferguson, "An iso-quant is a curve showing all possible combinations of inputs physically capable of producing a given level of output" Iso-quants are based on the following assumptions.
(1) It is assumed that only two factors are used to produce a commodity.
(2) Factors of production can be divided into small parts.
(3) Technique of production is constant.
(4) The substitution between the two factors is technically possible. That is, production function is of 'variable proportion' type rather than fixed proportion.
(5) Under the given technique, factors of production can be used with maximum efficiency
Iso-quant Schedule:
Let us suppose that there are two factors namely, labour and capital. An Iso-quant schedule shows the different combinations of these two inputs that yield the same level of output. It is seen from the table that the five combinations of labour units and units of capital yield the same level of output, i.e., 400 meters of cloth.
                           Table: Iso-quant

Combination	Units of labour	Units of capital	Output of cloth ( meters)
A	2	30	400
B	4	22	400
C	6	16	400
D	8	12	400
E	10	10	400

Iso-quant Curve: An equal product curve represents all those combinations of two inputs which are capable of producing the same level of output. An iso-product curve can be drawn with the help of isoquant schedule

Law of Supply: Law of Supply describes a direct relation between price of a good and the supply of that good.
Definition: The Law of Supply can be stated as:
Other things remaining the same, if the price of a commodity increases its quantity supplied increases and if the price of a commodity decreases, quantity supplied also decreases".
Supply Function: Mathematically the supply function is,
Q_s = f (P_x' P_I' P_f, T, O, E)
P_x = Price of x Commodity
P_r = Price of related goods
P_f = Price of factors of production
T = Technology
O = Objective of the producer
E = Expected Price of the commodity.
Assumptions:
i. There is no change in the prices of factors of production
ii. There is no change in price of capital goods.
iii. Natural resources and their availability remain the same.
iv. Prices of substitutes are constant.
v. There is no change in technology.
vi. Climate remains unchanged.
vii. There is no change in tax policy.
Supply schedule: A supply schedule shows the different quantities of supply at different prices. This information is given in the supply schedule given below.

Price and Supply
Price (P)	Supply (Qs)
1	20
2	40
3	60
4	80
5	100

Q_s = 20P
Supply curve: Supply curve represents the data given in the supply schedule. As the price of the commodity increases, the quantum supplied of the The Iso-Cost commodity also increases. Thus the supply curve has a positive slope from left to right.

i) The Quantum supplied of commodity x is represented on X axis.
ii) The price of the commodity is represented on the y-axis.
iii) The points such as e, d, c, b and a on the supply curve "SS" represent various quantities at different prices.

Stages	Total product	Marginal Product	Average Product
Stage I	Initially it Increases at an increasing rate and then increases at a decreasing rate	At the beginning it increases, then reaches a maximum urn and starts to decrease	At the first instant it increases, then attains maximum
Stage ll	It continues to increase at a diminishing rate and reaches maximum	It continuous to diminish and becomes equal to zero	It is equal to MP and then begins to diminish
Stage lll	It diminishes	It becomes negative	It continues to diminish but always greater than zero(Positive)

There are five types of elasticity supply. There are,
(1) Relative Elastic Supply: (ES> 1)
(i) The co-efficient of elastic supply is greater than 1 (ES> 1)
(ii) A unit change in the price causes more than one percent change in quantity supply of the commodity.

(2) Unitary Elastic Supply: (ES = 1)
(i) The co-efficient of elastic supply is equal to one (ES = 1)
(ii) A unit change in the price causes an equal change in quantity supply is called elastic supply.

(3) Relatively Inelastic Supply: (ES < 1)
(i) The co-efficient of elasticity is less than one (ES < 1)
(ii) A unit change in the price causes and less than one percent change in the quantity supply.

(4) Perfectly Inelastic Supply: (ES = 0) .
(i) The co-efficient of elasticity is equal to zero (ES = 0)
(ii) A unit change in the price causes no change in the quantity supply.

(5) Perfectly elastic supply: (ES= =)
(i) The co-efficient of elasticity of supply is infinity (ES = DC)
(ii) A unit change in the price causes an infinite change in the quantity supply.

(i) Labour is the animate factor of production.
(ii) It is an active factor of production
(iii) Labour implies several types
(iv) Labour is perishable
(v) Labour is inseparable from the labourer
(vi) Labour is less mobile between places and occupations.
(vii) Labour is a means as well as ends
(viii) Labour units are heterogeneous.
(ix) Supply of labour determines its reward
(x) Individual labour has weak bargaining power.