The marginal rate of technical substitution is:The rate at which a producer is able to exchange, without affecting the quantity of output produced, a little bit of one input for a little bit of another input.The rate at which a producer is able to exchange, without affecting the total cost of inputs, a little bit of one input for a little bit of another input.The rate at which a producer is able to exchange, without affecting the total inputs used, a little bit of one onput for a little bit of another onput.A measure of the case or difficulty with which a producer can substitute one technique of production for another.

A marginal rate of technical substitution is a rate at which one input is decreased in order to…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The marginal rate of technical substitution is:

The rate at which a producer is able to exchange, without affecting the quantity of output produced, a little bit of one input for a little bit of another input.
The rate at which a producer is able to exchange, without affecting the total cost of inputs, a little bit of one input for a little bit of another input.
The rate at which a producer is able to exchange, without affecting the total inputs used, a little bit of one onput for a little bit of another onput.
A measure of the case or difficulty with which a producer can substitute one technique of production for another.

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