Question: Given a production function Q = 4 L ^ ( 0 . 3 ) K ^ ( 0 . 7 ) , where L is

Given a production function Q

= 4

^(0.3)

^(0.7),

where L is labor and K is capital, what is the

marginal rate of technical substitution

(

MRTS

)

when L

= 25

and K

= 16 ?

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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