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Slope of an Iso-quant:
Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L units θ L (namely, θ L.MPL) should match the decrease in output due to a decrease of K units of K (namely θ K.MPK). In other words,
when is a very small amount we can write . In the K - L input space, dK/dL represents the slope of the iso-quant at any point on it.
θ Slope of the iso-quant
The absolute value of dK/dL, denoted by |dK/dL| is known as the marginal rate of technical substitution of L for K. (MRTSLK). By definition, it measures the reduction in one input per unit increase in the other that is just sufficient to maintain a constant level of output. It is equal to the ratio of the marginal product of L to the marginal product of K.
The Production Possibilities Frontier (PPF) The PPF curve exhibits the probable combinations of goods and services accessible to an economy, given that all productive resources
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A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
All about matter
Deficiency of Vitamin A Deficiency of Vitamin A has been found to impose adverse effects on roughly one third of the children below the age of five around the world. It has also be
#question.describing risk,preference towards risk, the demand for risky assest.
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In an essay of at least four well-developed paragraphs, discuss U.S. economic policy. Be sure to include the following information in your essay: Compare and contrast the economi
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
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