Question: Problem 4 (2 point): A firm's production function is Q = 24VKL + 2L. Given K = 160 and L = 90. a/ Find the

Problem 4 (2 point): A firm's production function is Q =

Problem 4 (2 point): A firm's production function is Q = 24VKL + 2L. Given K = 160 and L = 90. a/ Find the values of the marginal products, MPK and MPI, then estimate the overall effect on Q) when K increases by 3 units and L decreases by 2 units. b/ State the value of the marginal rate of technical substitution MRTS and give an interpretation of this value. Estimate the change of Q if L increases by 2 units and K decreases by 4 units

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