Question

the production function is given as y =f(k,l). find the marginal rate of technical substitution in terms of marginal products of capital and labour

Answer 1

Marginal rate of technical substitution shows the rate at which one input can be substituted for the other while keeping output constant.It is equal to the slope of the isoquant.

MRTS in terms of marginal productivity of capital and labour is given by:

                                                                     MRTS=Marginal productivity of labour/marginal productivity of capital

So it is just the ratio of marginal productivities of inputs.

If you have any doubt,feel free to ask.