Explain the term ‘marginal rate of technical substitution’ as used in Economics

      

Explain the term ‘marginal rate of technical substitution’ as used in Economics.

  

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Abdullahi
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.

MRTS measures the rate at which one factor input is being substituted for another holding output constant.
Dullayo answered the question on May 21, 2018 at 12:06


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