Examlex
Convert the mixed number to a fraction.
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Marginal Rate
The rate at which a certain quantity changes with respect to a change in another quantity, often used in the context of taxes or production costs.
Cost Minimizing
The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.
Inputs
The resources such as labor, materials, and capital used in the production process.
MRTS
Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.
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