Explain the term marginal rate of technical substitution. What does a MRTS = 4 mean?

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Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Question Posted: Dec 22, 2015 02:20 AM

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Explain the term marginal rate of technical substitution. What does a MRTS = 4 mean?

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MRTS is the amount by which the quantity of one input can ...View the full answer

Microeconomics

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