The marginal rate of technical substitution (MRTS) is the rate at which one input can be substituted for another input without changing the level of output. In other words, the marginal rate of technical substitution of Labor (L) for Capital (K) is the slope of an isoquant multiplied by -1. Since the slope of an isoquant is moving down, the.. Learn more: http://www.policonomics.com/marginal-rate-of-technical-substitution/Spanish version: https://youtu.be/RmO5Ckm4Tb0This video explains how to calcu.
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The rate of additional capital needed per labor reduced, $\Delta K / \Delta L$, is called his marginal rate of technical substitution between labor and capital. (Note: Some textbooks refer to this as the "Technical Rate of Substitution.") Visually, the MRTS is represented by the magnitude of the slope of an isoquant:. The Marginal Rate of Technical Substitution (MRTS) is an economic concept that measures the rate at which one input can be substituted for another while keeping the level of output constant. The purpose of the Marginal Rate of Technical Substitution is to analyze the efficiency and optimal allocation of resources in production processes.
