Wednesday
April 23, 2014

Homework Help: microeconomics

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

First Name:
School Subject:
Answer:

Related Questions

economics.Help!!! - How the technical rate of substitution and marginal product...
ECON - PLEASE CHECK AND CORRECT MY ANSWERS!!!! MRTS = marginal rate of technical...
economic - Define and then derive the expression for the marginal rate of ...
Economics - The marginal rate of technical substitution A. Determines the rate ...
Microeconomics - Use the following chart to answer question 2 Number of Workers ...
Microeconomics - 1. Demand can be perfectly elastic or inelastic.Discuss. 2. ...
microeconomics - “Competitive firms do not want to produce its goods even after...
Finance - The current market wage rate is $10, the rental rate of land is $1,...
managerial economics - Which of the following are characteristics of a typical ...
Microeconomics - I am on the chapter for the factors of production: Question: A ...

Search
Members