For the Production Function Q(K,L) = K⁰

question 3

Multiple Choice

For the production function Q(K,L) = K^0.5L^0.5, the marginal rate of technical substitution MRTS_LK is:

• A) 0.25K/L.
• B) 0.25L/K.
• C) K/L.
• D) L/K.

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Definitions:

Sourcing Decision

The process of choosing suppliers or sources for goods and services, considering factors like cost, quality, reliability, and relationship.

Outsource

The practice of contracting work out to an external organization rather than performing it in-house.

Information

Data that has been processed in such a way that it can be used to inform decisions, strategies, and actions.

Supply Chain

A composite of enterprises, participants, procedures, information, and instruments implicated in the conveyance of a product or service from the vendor to the patron.