What is Marginal Rate of Technical Substitution

In microeconomic theory, the marginal rate of technical substitution (MRTS) or technical rate of substitution (TRS) is the amount by which the quantity of one input has to be reduced when one extra unit of another input is used, so that output remains constant.

How you will benefit

(I) Insights, and validations about the following topics:

Chapter 1: Marginal rate of technical substitution

Chapter 2: Differential calculus

Chapter 3: Profit maximization

Chapter 4: Quantization (signal processing)

Chapter 5: Marginal cost

Chapter 6: Production function

Chapter 7: Marginal rate of substitution

Chapter 8: Marginal propensity to consume

Chapter 9: Marginal product

Chapter 10: Diminishing returns

Chapter 11: Isoquant

Chapter 12: Marshallian demand function

Chapter 13: Marginal revenue

Chapter 14: Isocost

Chapter 15: Marginal revenue productivity theory of wages

Chapter 16: Conditional factor demands

Chapter 17: Elasticity of substitution

Chapter 18: Marginal product of capital

Chapter 19: Cobb-Douglas production function

Chapter 20: Marginal product of labor

Chapter 21: Robinson Crusoe economy

(II) Answering the public top questions about marginal rate of technical substitution.

(III) Real world examples for the usage of marginal rate of technical substitution in many fields.

Who this book is for

Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Marginal Rate of Technical Substitution.