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(a) Does the assumption of diminishing marginal product of an inputs x1 and x2 imply strictly convex...

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Economics

(a) Does the assumption of diminishing marginal product of aninputs x1 and x2 imply strictlyconvex isoquant curves?

(b)Does the assumption of strictly convexity in the isoquantcurves imply diminishing marginal products to input factorsx1 and x2.

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4.2 Ratings (911 Votes)
a The assumption of diminishing marginal product of an inputs x1 and x2 may imply strictly convex isoquant curves The marginal rate of technical substitution between inputs x1 and x2 is defined as the    See Answer
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