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Suppose the production function is given by the following equation (where a and b are positive constants): Q = aL

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Suppose the production function is given by the following equation (where a and b are positive constants): Q = aL + bK. What is the marginal rate of technical substitution of labor for capital (MRTSL,K) at any point along an isoquant?

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Microeconomics

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Question Posted: March 17, 2016 04:52:25
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