The marginal rate of technical substitution of labor for capital measures
A) the amount by which capital input can be reduced while holding quantity produced constant when one more unit of labor is used.
B) the amount by which labor input can be reduced while holding quantity produced constant when one more unit of capital is used.
C) the ratio of total labor to total capital.
D) the ratio of total capital to total labor.
Correct Answer:
Verified
Q26: A production function may exhibit
A)constant returns to
Q27: If,as a result of doubling all its
Q28: Suppose the production function for good q
Q29: For a fixed proportion production function,at the
Q30: The average productivity of capital is defined
Q31: A firm's isoquant shows
A)the amount of labor
Q33: The marginal physical product of labor is
A)the
Q34: A technical innovation in the production of
Q35: The marginal physical product of labor is
Q36: A rise in the average productivity of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents