Asked by
Katryna Smith
on Dec 08, 2024
Verified
The slope of the ________ is -MPL/MPK.
A) isoquant
B) total utility curve
C) isocost line
D) marginal utility curve
Slope
In mathematics and economics, it represents the rate at which one variable changes over the change in another variable, often depicted in graph form.
Isoquant
A line illustrating various input combinations yielding an identical output level according to production theory.
Marginal Product
The increase in output that arises from an additional unit of input, holding all other inputs constant.
- Examine the importance and implications of the marginal rate of technical substitution.
Verified Answer
EC
Learning Objectives
- Examine the importance and implications of the marginal rate of technical substitution.