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Q: What is marginal rate of technical substitution?
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Q: Describe the concept of the marginal rate of technical substitution
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27. Describe the concept of the
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- 69. If the price of labor falls relative to the price of capital, and as a result the quantity of capital employed decreases, it can be concluded that: A. The substitution effect is greater than the output effectB. The output effect is greater than the substitution effectC. The income effect is greater than the output effectD. Labor cannot be easily substituted for capitalWhat is marginal rate of technical substitution?The marginal rate of technical substitution represents the slope of?
- List and discuss three (3) factors affecting the upward sloping curve.1. What factors give rise to increasing returns to scale and decreasing returns to scale? 2. Define and then derive the expression for the marginal rate of technical substitution.in your own Words How do the concepts of income and substitution effects enhance our understanding why annual hours worked have tended to fall over time"