QUESTION 8 Suppose that a production function is given by F( K, L) = (21 3 + 3K 3 ) 1 3 4 in which case the marginal products will be given by MPL = and MPK = , respectively. What is the marginal rate of technical substitution at 2(21 3 + 3K 3 JK (K, L) = (8, 1) , and what is the interpretation? MRS = - 4 , which means that in order to maintain a production level of roughly 7.2, then giving up four units of capital would require an extra three units of labor. O MRS = - w | + , which means that in order to maintain a production level of roughly 7.2, then giving up four units of labor would require an extra three units of capital. O MRS = - , which means that in order to maintain a production level of roughly 6, then giving up four units of capital would require an extra three units of labor. O MRS =- which means that in order to maintain a production level of roughly 6, then giving up four units of capital would require an extra three units of labor