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(Figure: Capital and Labor XVI) Consider the Production Function Q

question 106

Essay

(Figure: Capital and Labor XVI) Consider the production function Q = L0.5K0.5, with MPK = L0.5/K0.5 and MPL = K0.5/L0.5. (Figure: Capital and Labor XVI) Consider the production function Q = L<sup>0.5</sup>K<sup>0.5</sup>, with MP<sub>K</sub> = L<sup>0.5</sup>/K<sup>0.5</sup> and MP<sub>L</sub> = K<sup>0.5</sup>/L<sup>0.5</sup>. a. Define the marginal rate of technical substitution. b. Calculate the marginal rate of technical substitution for K = 5 and L = 10. c. Figure 6.16 shows an isoquant based on the production function referred to in the question. Calculate the slope of the isoquant at point A and point B.
a. Define the marginal rate of technical substitution.
b. Calculate the marginal rate of technical substitution for K = 5 and L = 10.
c. Figure 6.16 shows an isoquant based on the production function referred to in the question. Calculate the slope of the isoquant at point A and point B.

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