Rate of technical subtitution

Updated: Aug 20, 2021

The rate at which one input can be substituted for another along an isoquant. In the same way as an isoquant is closely ari’alogous to an indifference curve, the rate of technical substitution is exactly the same kind of concept as the marginal rate of subsitution. Hence, see the latter for detailed discussion.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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