You are given the following production function Q = K^1/3L^2/3, where Q is output, L is labor, and K is capital. First, calculate the marginal product of capital and the marginal product of labor. Next, calculate the marginal rate of technical substitution of labor for capital, MRTS_L,K. What does this tell you about the production function?

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SOLUTION 1 Calculate the marginal product of capital and the marginal product of labor We know that ... View the full answer