Two of the most important concepts wersquove talked about, Ask an Expert

Economics

Two of the most important concepts we’ve talked about in class are the technical rate of substitution between two inputs and the ratio of the price of those inputs. Explain, briefly, what each of these concepts represent in terms of tradeoffs, and why they are often equal when then firm is making its cost-minimizing input choice.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92195721

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