Properties of Equal Product Clines

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Properties of Equal Product Cline s  Properties of iso-product curves arc the same as those of indifference curves. Their properties can also be proved in the same manner as in the case of indifference curves. (See the relevant diagrams pp. 54- 56). The following arc the mispronunciations of iso product curves: (i) Downwards Iso-product curves slope downwards from left to right. This […]

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Meaning of Equal Product Curves In recent years, a t unique has been developed to study the theory of production and to show the e it” • of a producer regarding combination of factors. This technique is of iso-product curves which is a parallel concepts to the indifference curves in the theory of consumption Just as an indifference […]

Indifference Curves and iso-product Curves Distinguished.

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Indifference Curves and iso-product Curves Distinguished. Though iso-product curves are similar to the indifference curves of the theory of demand, one important difference between them is worth nothing. While an ain difference curve shows all those combinations of two goods which provide equal satisfaction to a consumer, it does not tell us exactly how much satisfaction is derived by the consumer […]

Marginal Rate of Technical Substitution

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Marginal Rate of Technical Substitution Marginal rate of technical substitution is a concept similar to the marginal rate of substitution in the theory of demand. Iarginal ratc of technical substitution of X for Y is the number of units of factor which can he replaced hy one unit if factor X. quantity of the output winning uncharged. The concept of marginal […]

Modern Economic Theory

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Modern Economic Theory I is the marginal rate of technical substitution (MRTS) at this stage. Now hy comparing combinations D and C, it wi he found that there 3 units of factor Y can be replaced by I unit of factor X without any loss of output. Therefore, here the marginal rate of technical substitution is 3 : I. Similarly, the […]

Law of Diminishing Margine! Rate of Technical Substitution

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Law of Diminishing Margine! Rate of Technical Substitution An important feature of the marginal rate of technical substitution is worth nothing. Galleria rate of substitution  X. for Y will generally diminish as the quantity 1’1′ X i_ increased relative to the quantity of Y. In other words, as the quantity of radol’ X is increased relative to the quantity of Y, […]

Elasticity oj Substitution Between Factors

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Elasticity oj Substitution Between Factors In the theory of demand. we explained the Concept of elasticity of substitution between goods in the scheme of consumption of a con. MIller. That is, we explained to what extent one good could be substituted by a consumer for another good. In the theory of production, on the other hand. we arc concerned […]