ECON 300 SS118 101 Alex Tunberg 1 61918 1013 PM Time Remaini

ECON 300 SS118 101 Alex Tunberg &1 6/19/18 10:13 PM Time Remaining: 01:45:21 Submit Quiz This Quiz: 15 pts possible Qtiž Chapter 6 Quiz This Question: 1 pt At L 55, K 60, the marginal product of labor is 6 and the marginal product of capital is 2. What is the marginal ate of horizontal axis)? technical subetitution (labor measured on the ra numeric response using a real number rounded up to two decimal places.) Sereen Sh

Solution

MRTS refers to the amount by which one input can be reduced when one unit of another input is increased so that the output level remains constant.

MRTS of labor for capital is the slope of the isoquant, which is measured using the following formula:

MRTS of labor for capital ? = Marginal product of labor/ marginal product of capital = 6/2 = 3

The marginal rate of technical substitution is = 3.