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July 26, 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.

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