Consider a Production Function Q = 3K + 4L, When

question 66

Multiple Choice

Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to

• A) 4/3 and the isoquant is convex to the origin.
• B) 4/3 and the isoquant is a straight line.
• C) ¾ and the isoquant is a straight line.
• D) 12 and the isoquant is convex to the origin.

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Definitions:

Diamonds

A form of carbon, diamonds are renowned for their physical properties, particularly their hardness and optical dispersion, making them valuable for jewelry and industrial applications.

Cogent

The property of an inductive argument that is strong and whose premises are true.

Valid

Correct or acceptable according to the law or logic; having a sound basis in reasoning or fact.

Premises

Premises are statements or propositions that provide the basis or grounds for a conclusion in logical reasoning.