By R. F. Wynn, K. Holden (auth.)
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Extra info for An Introduction to Applied Econometric Analysis
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1. 2) where QK and QL are the marginal products of capital and labour. A given level of output can be produced by different combinations of capital and labour and so f(K,L) = constant traces out the isoquants. e. 3) and hence Therefore the isoquants have a negative slope and the absolute value of this is the marginal rate of substitution (R). This measures the rate at which one input can be substituted for the other input. e. 3), dK/dL is increasing and so d 2 K/dL2 is positive. 2. For a change from the point (K, L) along the constant product curve, d(K/L) measures the change in the use of K compared with Land dR represents the corresponding change in the marginal rate of substitution.
An Introduction to Applied Econometric Analysis by R. F. Wynn, K. Holden (auth.)