Marginal Rate of Substitution | MRS Definition, Formula & Example
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Marginal Rate of Substitution | MRS Definition, Formula & Example
Learn how to calculate the marginal rate of substitution and its application in economics. View examples of the formula in use with real world application.
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Marginal rate of technical substitution MRTS Formula
Marginal Rate of Technical Substitution
Marginal Rate of Technical Substitution
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Assume a firm has the production function q(K,L) = 0.25KL, where K represents units of capital and L represents units of labor. Assume the rental rate of capital is 16 and the wage rate is4. The firm's marginal product of capital, MPK, and marginal product of labor, MPL, are given as follows:MPK = OKMPL = TLa) Solve for the short-run cost function for this firm if capital is fixed at 4 units in the short-run. (8 pts)b) Fill in the following table: (8 pts)Q 1 2 3 4LVC C MC AFC AVC 80 16 64 32 80
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