Suppose MTRS =MP_L/MP_K=1/3

question 7

Multiple Choice

Suppose MTRS =MP_L/MP_K=1/3. If we want to reduce K by 6 units and keep output constant, we have to increase L by units.

• A)18
• B)12
• C)6
• D)3

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Definitions:

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To carry out, execute, or conduct (an action or task).

Intrinsic Rewards

Satisfaction a person derives from the activity itself, rather than from any external rewards.

Extrinsic Rewards

Benefits provided by external factors, such as money, grades, or awards, which motivate individuals to perform tasks.

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The execution and completion of specific duties or assignments as part of one's role or job responsibilities.