At L-64. X mathxl.co ECON:3100:0EXW Intermediate Microeconomics Fall 2018 Test:

Question

At L-64. X mathxl.co ECON:3100:0EXW Intermediate Microeconomics Fall 2018 Test: Graded assignment #5 (Chapters 6 and 7 Long Run) This Question: 1 pt submit Test 31 of 40 (29 complete) | This Test: 40 pts possibl AtL-50, K 64, the marginal product of labor is 4 and the marginal product of capital is 8. What is the marginal rate of technical substitution (labor measured on the horizontal axis)? The marginal rate of technical substtution s Enter a numeric response using a real number rounded up to two decimal places.) . :|el Ví :/ s. (..) More Enter your answer in the answer box.

Explanation / Answer

The first condition for consumer's equilibrium is that MRS = Px/Py = 4/8 = 0.5

Px here is price for labor

Py represents price for capital

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