For the Production Function Q(K,L) = 3K + 2L, the Marginal

question 101

Multiple Choice

For the production function Q(K,L) = 3K + 2L, the marginal rate of technical substitution MRTS_LK is:

• A) 2/3.
• B) 3/2.
• C) 2L/3K.
• D) 3K/2L.

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Definitions:

Analysis of Variance

A statistical technique that compares the averages of three or more groups to determine if at least one significantly deviates from the rest.

ANOVA

Short for "Analysis of Variance," a statistical method used to compare the means of three or more samples, testing the hypothesis that they are equal.

Total Sample Size

The aggregate number of individual observations or data points collected in a study.

Variance

A measure of the dispersion of a set of data points around their mean value, indicating how spread out the data is.