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Hello, pls explain. Thank you! -------------------------------- The technology for making nails is described by the Cobb-Douglas...

Hello, pls explain. Thank you!

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The technology for making nails is described by the Cobb-Douglas production function Q(L,K) = L*K, where L is the number of workers and K is the number of machines. Each worker is two times as expensive as a machine. The MRTS between Labor and Capital at the cost-minimizing output combination is? Explain the economic meaning of your MRTS.

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The answer is to use 2 units of capital and 1 unit of labour. Explanation is given in the images

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