Marginal rate of technical substitution (MRTS)
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The rate at which one input X may be substituted for another input Y in a
production process, while total output remains constant, is:
a) the slope of the isoquant curve
b) the marginal rate of technical substitution (MRTS)
c) equal to MPx/MPy
d) all of the above
e) none of the above
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Marginal rate of technical substitution (MRTS) is briefly summarized in this solution.
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By definition this is equal to the marginal rate of technical substitution (MRTS). The isoquant curve ...
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