Economy, asked by dilipkalmodiya8908, 10 months ago

Difference between marginal rate of substitution and marginal rate of technical substitution

Answers

Answered by cuti34

Answer:

The Marginal Rate of Technical Substitution (MRTS)—or Technical Rate of Substitution(TRS)—is the amount by which the quantity of one input has to be reduced when one extra unit of another input is used, so that output remains constant. It is along an isoquant.

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