Micro: MRTS and Elasticity of Substitution

[@vanesazanzif]

Thank you so much!!! You made it easy to understand. In my explanations I have :Elasticity= change in (k/l) /change in MRTS (l for k) = (d(k/l) /dMRTS) *(MRTS/(k/l) = d In (k/l) / d In MRTS (l fork) I understand your explanation. I just don't understand the formulas they have given me. I would we thankful if you would be able to clear this up.

[@miriamkhan6849]

Thank youuuu finally someone who explains it clearly. God bless you

[@fekaduselemon4999]

Thank you very much!! you made it easy to understand

[@kavitachugh1833]

Very lucid.....thanks prof

[@aliejalloh8719]

very thorough! good explanation.

[@miguelchoza6045]

Gracias el vídeo me aclaró el tema. Thanks your vídeo clarified the topic for me.

[@BurkeyAcademy]

Gracias por su gentileza!

[@MrChampManager]

thank you for the very good interpretation. I can calculate but I haven't had the concept so clear in mind as I do now

[@meister2ed]

I love your videos because you can easily explain the intuition beneath all these technical economic processes. Getting the maths is almost a secundary step if you already understand the logic of what we do as economists. Thanks a lot for the help.

[@BurkeyAcademy]

Thanks for the comment! I couldn't agree more- You have to understand what you are doing and why, and THEN worry about the maths!

[@李溟东]

It is so helpful! Finally I got this! Thank you so much!

[@carolinapersson8590]

Wonderfully explained! Thank you very much!

[@hectorvillatoro1599]

So helpful! Thank you very much.

[@KINGPERSPOLIS]

Crazy explanation! Thanks a lot

[@carocaroline6532]

Thank you so much! You give me a clear explanation. I just wanna ask you a question: could I say that elasticity of substitution is the percentage change in K-L over the percentage change in wage/rental price of capital?

[@khushimachiwal6751]

Thank you so much …this Vedio helped a lot

[@brookeanderson5038]

Thanks for the video! I have a question about the equation: MRTS=MP of labour/MP of capital, the slope of the isoquant. Why is it labor/capital if we're measuring the slope, which would be rise over run? Wouldn't capital be in the numerator?

[@newnice_gqokinsimbisizwe3612]

I'll be back to say thank u after watching it offline

[@alexmusikkanal]

Thanks! The Video helped a lot

[@sami-samim]

Dr. Burkey, if we had our labor on the Y axis, would our MRTS still be MPL/MPK? same for K/L ratio?

[@BurkeyAcademy]

If you switch the axes, then you'd need to change it to match up with the graph. When deriving the mathematical solution, you could keep it the same, but then the slopes would be 1/slope that you would see in the graph.

[@mohammadalipasha2580]

Thanks sir

[@eeva-reettaseppanen9384]

20/3 is not 8,33.

[@BurkeyAcademy]

Eeva-Reetta Seppänen The mistake in calculation was 20/6=8.33. I am not sure where you see 20/3. But yes, this should be 3.33, sorry!.