At L=75, K=104, the marginal product of labor is 10 and the marginal product of capital...
At L=75, K=104, the marginal product of labor is 10 and the marginal product of capital is 22.
What is the marginal rate of technical substitution (labor measured on the horizontal axis)?
The marginal rate of technical substitution is nothing.
(Enter a numeric response using a real number rounded up to two decimal places.)
Homework Answers
The marginal rate of technical substitution is defined as a theory which explains the rate at which one factor can be used in place for other and level of productivity remains same.
MRTS =marginal product of labor / marginal product of capital
=10/22
=0.45
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