MRTS In Economics-Marginal Rate of Technical Substitution| MPL, MRS
Overview MRTS in economics refers to the Marginal Rate of Technical Substitution which is termed as the slope of isoquant. Isoquants are defined almost the same as the indifference curve with few changes. As a result, we will take a quick look at isoquants before studying MRTS in economics in detail. Isoquants An isoquant is a level … Read more