1 explain why the marginal rate of technical substitution, Ask an Expert

Economics

1. Explain why the marginal rate of technical substitution is likely to diminish as more and more labor is substituted for capital.

2. Is it possible to have diminishing returns to a single factor of production and constant returns to scale at the same time? Discuss.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91576486

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