Thursday

December 18, 2014

December 18, 2014

Posted by **liza** on Friday, December 21, 2012 at 4:22am.

i only wrote their definitions

The technical rate of substitution measures the rate which the firm has to substitute one input for another, for keeping the output stable. It is also the slope of isoquant.

Marginal product is when we need more of factor one but the same time keeping the factor two fixed.

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