Given the Above Graph,what Is the Marginal Rate of Technical

question 13

Multiple Choice

Given the above graph,what is the marginal rate of technical substitution at point A?

• A)0.3
• B)1
• C)1.125
• D)1.67
• E)none of the above

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Definitions:

Equitable Estoppel

A legal defense tool that prevents a party from taking back a promise or from arguing against facts they previously admitted to, when another party has relied on that promise or those facts.

Legal Obligation

A duty enforced by law, requiring an individual or entity to conform to certain conduct or to refrain from certain actions.

Gratuitous Promise

A promise made without expecting anything in return, which is generally not enforceable in contract law unless it is made in a deed.

Existing Duty

An obligation that is currently in effect under the law or within the terms of a contract.