Consider the following production function: q=9LK+6L²- -(-3) ₁³. L3. Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K = 25 and L = 15. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.)

Consider the following production function: q=9LK+6L²- -(-3) ₁³. L3. Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K = 25 and L = 15. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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