0.0 Problem 3 (5 points) Consider the production function isoquant: Q (K,L)= KU'TLO'2 = 4.29, where K, L, and Q are capital input, labor input
0.0 Problem 3 (5 points) Consider the production function "isoquant": Q (K,L)= KU'TLO'2 = 4.29, where K, L, and Q are capital input, labor input and the level of output, respectively. Calculate the Marginal Rate of Technical Substitution (slope of level set or "isoquant"} of labor for capital (M'RTSLK), i.e., treat L as the "horizontal axis" input, when L = 1 and K = 8
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