An isoquant lying above to the right of another represents
Answer Details
An isoquant lying above to the right of another represents "a higher output level."
An isoquant is a curve that represents all possible combinations of two inputs (such as labor and capital) that can be used to produce a given level of output. The shape and position of an isoquant depend on the technology used in production.
When an isoquant lies above to the right of another isoquant, it means that the same level of output can be produced using less of one input and more of the other input. This indicates that the technology used in production is more efficient or productive, allowing for a higher output level.
For example, let's say that there are two isoquants representing two different production techniques for producing the same level of output. If one isoquant is above and to the right of the other, it means that the same level of output can be produced using less capital and more labor, or less labor and more capital, depending on the specific position of the isoquant.
Therefore, an isoquant lying above to the right of another represents a higher output level because it shows that the same level of output can be produced using fewer resources or inputs.