Question

Consider the following production​ function: q equals 8 LK plus 5 Upper L squared minus (one third )Upper L cubed . Given the following expressions for the marginal productivity of each​ input: MP Subscript Upper L Baseline equals 8 Upper K plus 10 Upper L minus Upper L squared and MP Subscript Upper K Baseline equals 8 Upper L Assuming capital is plotted on the vertical axis and labor is plotted on the horizointal​ axis, determine the value of the marginal rate of technical substitution when K​ = 20 and L​ = 15. ​(Round your answer up to two decimal places and include the proper​ sign.) MRTS​ = nothing.

Answer 1

Step-by-step explanation:

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