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3. Suppose the production function takes on the following form:Q = aK2L 2 a) What is the marginal productivity of labor? Evaluate it at L=

3. Suppose the production function takes on the following form:Q = aK2L 2

a) What is the marginal productivity of labor? Evaluate it at L= 2 and K = 4.

b) What is the marginal productivity of capital? Evaluate it atL = 2 and K = 4.

c) What is the Marginal Rate of Technical Substitution, and whatdoes it mean? (Provide two interpretations of the MRTS) Evaluatethe value of the MRTS at L = 2 and K = 4?

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