At L=4, k=4, the marginal product of labor is 2 and the marginal product of capital is 3. what is the marginal rate of substitution?

Marginal rate of substitution is the slope of the indifference curve. It is the rate at which the consumer is willing to give up certain units of a good in...

At L=4, K=4 MPl = 2, MPk = 3. Marginal Rate of Technical Substitution (MRTS) is the amount by which the quantity of one input has to be reduced when...

Constant elasticity of substitution (CES), in economics, is a property of some production functions and utility functions. As its name suggests, the CES production function exhibits constant elasticity of substitution...

The amount of labour and capital used in production is optimal and maximizes output when MPL/w = MPK/r, where MPL and MPK are marginal product of labour and capital.

D. Level of efficiency

Marginal rate of substitution1.MRS is the rate at which a consumer is willing to trade one good for another to maintain a constant level of utility.2.MRS is the slope of...

I) In the initial stage, there would be losses, as there would be large scale destruction of farmland, laborer may be rendered homeless, there will be decrease in labour while...

Marginal rate of substitution is the slope of the indifference curve. It is the rate at which the consumer is willing to give up certain units of a good in...

True

Livelihood assets include physical, human, and social capital.