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Author Question: Find the Marginal Rate of Technical Substitution for the following production functions: a. q = ... (Read 117 times)

dollx

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on: Jul 1, 2018
Find the Marginal Rate of Technical Substitution for the following production functions:
 
  a. q = L0.5 K0.5
  b. q = L0.5 + K0.5
  c. q = minK,L
  d. q = L + K

Question 2

Resale is difficult when
 
  A) the good is light-weight.
  B) the good is expensive.
  C) transaction costs are high.
  D) transaction costs are negligible.


zenzy

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a. K/L
b. K/L
c. - infinity for K > L and 0 for L < K (undefined when K = L)
d. -1

Answer to Question 2

C


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