Use the data below and calculate the MRTSx1x2 (Marginal Rate of Technical Substitution of X1 for X2. Consider hay to be the input that is being replaced by adding more grain. Use the numerical approach (one that utilizes information about slope of the isoquant and the slope of isocost line) and determine the least cost combination (LCC) of input use. 

Grain (X1)	Hay (X2)
500	0
400	200
300	400
200	600
0	1000

Answer rating: 100% (QA)

The marginal rate of technical substitution of X1 for X2 is the absolute value of the slope of the i... View the full answer