The value of the slope of a production isoquant is equal to the
Answers
Answered by
0
Answer:
Marginal Rate of Technical Substitution
The absolute value of the slope of Isoquant is called the Marginal Rate of Technical Substitution. This equals the ratio of marginal productivity of two inputs. As we move down along an isoquant the absolute value of its slope or Marginal Rate of Technical Substitution declines and the isoquant is convex.
Explanation:
Similar questions