Question

what will be the MRTSLK, it the quantity of labor used increases by one unit, the firm can give up 2 units of capital and still produce the same output

Answer 1

Answer:

Marginal rate of technical substitution (MRTS) is the rate at which a firm can substitute capital with labor. It equals the change in capital to change in labor which in turn equals the ratio of marginal product of labor to marginal product of capital.

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Example.

Capital (K) Labor (L)

61.92 5.63

Explanation:

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