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Commerce Economics Difficulty: Medium

When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/are false? 1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. 2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour. 3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.

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