Marginal Rate Of Technical Substitution| MRTS In Economics
Автор: thekeepitsimple
Загружено: 2021-06-01
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The marginal rate of technical substitution refers to the Marginal Rate of Technical Substitution which is termed the slope of isoquant. Isoquants are defined almost the same as the indifference curve with few changes.
So, the MRTS is known as the producer’s curve which is used to determine the cost of production. In order to understand the marginal rate of technical substitution, we will take a quick look at isoquants before studying MRTS in economics in detail.
And, what is the marginal rate of technical substitution, the formula of MRTS and the graphical representation in all the three different cases - normal, substitute, complementary of MRTS curve.
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