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

How the technical rate of substitution and marginal product are related and what is their difference?

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.

## Answer This Question

## Related Questions

- ECON - PLEASE CHECK AND CORRECT MY ANSWERS!!!! MRTS = marginal rate of technical...
- economics.Help!!! - How the technical rate of substitution and marginal product...
- economic - Define and then derive the expression for the marginal rate of ...
- Economics - The marginal rate of technical substitution A. Determines the rate ...
- managerial economics - Which of the following are characteristics of a typical ...
- Finance - The current market wage rate is $10, the rental rate of land is $1,...
- Microeconomics - 1. Demand can be perfectly elastic or inelastic.Discuss. 2. ...
- Microeconomics - 1. The utility function is given by: U=x+y and the budget line ...
- Economics (MRS) - What is the marginal rate of substitution for U(x,y) = ãxy...
- Economics - explain how a firm's production function is related to its marginal ...

More Related Questions