Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Slope of an Iso-quant:
Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L units θ L (namely, θ L.MPL) should match the decrease in output due to a decrease of K units of K (namely θ K.MPK). In other words,
when is a very small amount we can write . In the K - L input space, dK/dL represents the slope of the iso-quant at any point on it.
θ Slope of the iso-quant
The absolute value of dK/dL, denoted by |dK/dL| is known as the marginal rate of technical substitution of L for K. (MRTSLK). By definition, it measures the reduction in one input per unit increase in the other that is just sufficient to maintain a constant level of output. It is equal to the ratio of the marginal product of L to the marginal product of K.
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector D. government sector Explain
Marketing Economies: These are derived from the bulk purchasing of inputs and bulk distribution of outputs. A large firm is able to buy its raw materials in larger quantities
Florida citrus mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the
The very name of this market type suggests that it is a combination of the monopoly and competitive firms. The characteristics of such a market are: 1. There exists large n
What is the difference between MRTS & MRS?
description of slutskian approach
state the law of downward sloping demand
what is the theory of supply
Instructions to Students 1. Answer all the questions, using economic models where appropriate. Begin a question on a new page. 2. Please attach a copy of the assignment cove
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd