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Consider the following production function: q = 8LK + 6L2 13 3 Given the following expressions for the marginal productivity of each input: MPL =
Consider the following production function: q = 8LK + 6L2 13 3 Given the following expressions for the marginal productivity of each input: MPL = 8K + 12L L2 and MPK = 8L Assuming capital is plotted on the vertical axis and labor is plotted on the horizontal axis, determine the value of the marginal rate of technical substitution when K = 25 and L = 15. (Round your answer up to two decimal places and include the proper sign.) MRTS = x X That's incorrect. Remember: MPL (8K + 12L - L2) MRTS = MPK 8L OK Enter your answer in the answer box and
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