Question: Given a production function Q = 4 L ? ? ? ( 0 . 3 ) K ? ? ? ( 0 . 7 )
Given a production function where is labor and is capital, what is the marginal rate of technical substitution MRTS when and The definition of MRTS in this case is the following: MRTS is the rate at which labor can be substituted for capital while keeping output constant. Detail your answer. Do not even think of using chatGPT.
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