Explain marginal rate of technical substitution with example
In microeconomic theory, the Marginal Rate of Technical Substitution (MRTS)—or Technical Along an isoquant, the MRTS shows the rate at which one input (e.g. capital or Marginal rate of substitution (the same concept on consumption side) ; Marginal rate of transformation (slope of the production-possibility frontier) 16 Sep 2019 What Is the Marginal Rate of Technical Substitution – MRTS? For example, an MRTS graph that has capital (represented with K on its Y-axis