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The following lists phrases associated with production for

The following lists phrases associated with production. For each, (i) define the given phrase in one sentence, (ii) provide the mathematical representation of the phrase, and (iii) explain how it relates to a graph of a short-run production function.

a) "marginal rate of technical substitution of labor for capital"

b) "diminishing marginal rate of technical substitution of labor for capital".

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