Question

Consider the following function: q = 9LK + 6L^2 - (1/3)L^3 Given the following expression for...

Consider the following function:

q = 9LK + 6L^2 - (1/3)L^3

Given the following expression for the marginal productivity of each input:

MPL = 9K + 12L - L^2 and MPK = 9L

Assuming Capital is plotted on the vertical axis and labor is plotted on the horizontal axis, determine the value of the marginal rate of technical substitution when K=20 and L =10. (Round your answer up to two decimal places and include the proper sign.)

MRTS= ___________

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Answer #1

MRTS = 2.23

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