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Answer on Economics of Enterprise Question for Arpita Ghosh

Question #9132
Given the production function:
Q = 100 + P – 0.01P2 + 2N – 0.03N2
Determine the marginal rate of technical substitution
Expert's answer
Marginal Rate of Technical Substitution (or Technical Rate of Substitution) is
the amount by which the quantity of one input (N) has to be reduced when one
extra unit of another input (N2) is used, so that the total output (Q) remains
constant:

MRTS = MP(N2)/MP(N) = -0.03/2= -0.015 – MRTS for the input N
for N2

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