Question: Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the

Suppose that a firm uses two inputs (K & L) to produce its final output (Q). Suppose also that the production functions for this firm is:
Q = F(K , L)=4L +LK +4K
Suppose that this firm is using a production technique involving K =14 and L =23. Assume that L remains on the x-axis and K remains on the y-axis for plotting purposes.
What is the Marginal Rate of Technical Substitution at this production technique?
Note: Please round your answer to two decimal places.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 4 ( LK ) 0 . 5 Suppose also that the...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 4 L + LK + 4 K Suppose that this firm...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 3 L + LK + 4 K Suppose that this firm...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 2 ( LK ) ^ 0 . 5 Suppose also that the...

Q:

Question 2 2 pts Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 4 ( L K ) 0 . 5...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 4 ( L K ) 0 . 5 Suppose also that the...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 4 L + LK + 4 K Suppose that this firm...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 3 L + LK + 4 K Suppose that this firm...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 3 L + LK + 4 K Suppose that this firm...

Q:

Suppose that a firm uses two inputs ( K & L ) to produce its final output ( Q ) . Suppose also that the production functions for this firm is: Q = F ( K , L ) = 2 L + L K + 4 K Suppose that this firm...

Q:

Dunn Corporation acquired a new depreciable asset for $150,000. The asset has a five-year expected life and a residual value of zero. Required: 1. Prepare a depreciation schedule for all five years...

Q:

A local supermarket in rural Brisbane wished to determine whether increasing advertising lead to an overall increase in profit. It was known that they (on average) make $525 profit per hour, with a...

Q:

If a buniness owner wants to know how much totak cash has come into the business during this quarter they wall liook at the: statement of cash flows. statement of owner's equity. bslance sheet....

Q:

What, if anything, should the U.S. do to reduce its CA deficit?