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Tech & Production (Production Technologies (5. Two ways (Long Run (It…

- - - - It is a Time Period where all inputs are variables
    - - It is a Time Period where One or more Input Variable is fixed
- - - - slope of line joining
        the point on curve
        with the origin
- - - - Equals negative slope
        of isoquant curve at
        given input. = -(/\y) / (/\x)
        
        Declining MRTS as x
        increases and y decreases
        
        Perfect complement
        
        Fixed proportion. Isoquants
        are L shaped lines.
        
        Cobb-Douglas prod. fn
        
        Perfect Substitution
        
        MRTS_xy=c at
        all inputs. Isoquants
        are straight lines.
        Not necessary to be
        equal to 1