Consider the following production function: q = 7LK + 5L^2 - (1/3) L^3. Given the following expressions for the marginal productivity of each input: MP_L = 7K + 10L - L^2 and MP_K = 7L Assuming capital is plotted on the vertical axis and labor is plotted on the horizontal axis, determine the value of the marginal rate of technical substitution when K = 30 and L = 15. (Round your answer up to two decimal places and include the proper sign.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Consider the following production function: q = 7LK + 5L^2 - (1/3) L^3. Given the following expressions for the marginal productivity of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Who is james monroe?
Answers (2)
What broadway play holds the record for highest single-week sales?
Answers (1)
Your client, Vinces Veggies, wants to increase downloads of their popular recipe printouts. You suggest they create ad groups based on the cooking categories that appear on their website.
Answers (1)
Shirine has been debating between two career pathways in finance. She creates a Venn diagram to compare the two careers.
Answers (1)
A company purchased new furniture at a cost of $16,000 on January 1. The furniture is estimated to have a useful life of 6 years value. The company uses the straight-line method of depreciation.
Answers (1)
New Questions in Business
Marin Inc. has an investment in trading securities of $143000. This investment experienced an unrealized loss of $7300 during the current year.
Answers (1)
Jim Bob Airlines has one 57 seat plane. On its last five flights it had 44 passengers from MSY to DFW, 49 passengers from DFW to OKL, 36 passengers from OKL to TUL, 30 passengers from TUL to FWB, and 49 passengers from FWB to MSY.
Answers (1)
All of the following are stakeholders of a firm, except
Answers (2)
A country currently has an outstanding debt of $45 billion. Its current-year expenditures are $12 billion and its tax revenue is $14 billion.
Answers (1)
Yakov left his job as a plumber when his wife took a position in another region. the quantity of plumbing services demanded is considerably lower in the new region, in part because of high union-negotiated wages.
Answers (1)