Consider the following short-run production function: q = 5L2 – (1/3) L3.

| November 24, 2016

Find the Marginal Rate of Technical Substitution for the following production functions. Show how you derived these results.

a. q = L0.5K0.5

b. q = L0.5 + K0.5

c. q = min{K,L}

d. q = L + K

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