For each of the following production functions calculate the ( MRTS v L,K ) a. Q...
For each of the following production functions calculate the ( MRTS v L,K )
a. Q = L^2/3 K^1/3 when Q=8
b. Q = 3L + K when Q=3
c. Q = min{3L, K} when Q=3
Homework Answers
MRTSL,K = MPL/MPK.
MPL = 
Q/L.
MPK = Q/K.
MPL = 2/3*L-1/3 * K1/3.
MPL = 2/3 * (K/L)1/3
MPK = 1/3 * K-2/3 * L2/3
MPK = 1/3 * (L/K)2/3
MRTS = 0.5 * K/L.
b. MPL = 3
MPK = 1.
MRTS = 3/1 = 3.
c. MRTS = 0.
This is so because this production function represents perfect complements, the two inputs are used in fixed proportions. They are used together, and not substituted for each other.
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