What is the MRTS for a firm with the following production function,q = 10L0.5K0.3?
A) MRTS = - 
B) The firm will substitute a constant 3 units of capital for 5 units of labor.
C) The MRTS does not exist because labor and capital are perfect complements.
D) None of the above.
Correct Answer:
Verified
Q67: The slope of an isoquant tells us
A)
Q68: Suppose the production of paved roadways can
Q69: Isoquants that are downward-sloping straight lines exhibit
A)
Q70: What is the MRTS for a firm
Q71: Unlike indifference curves,isoquants can intersect.
Q73: Suppose the production function for T-shirts can
Q74: How much labor does a firm require
Q75: Isoquants that are downward-sloping straight lines imply
Q76: One way to explain the convexity of
Q77: The steeper an isoquant is,
A) the greater
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents