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Answer to Question #73963 in Microeconomics for Zulfiqar Ali
Question #73963
A firm has determined that it can produce 100 units of output with any of the following input combinations:
Capital Labor 20 1 16 2 12 3 11 4 9 6 7 9 5 13
a. What is the marginal rate of technical substitution between 3 and 4 units of labor? what is it between 5 and 7 units of capital?
b. can the marginal product of labor be determined from this data ? Explain
c. Assuming there are constant return to scale, what output rate will be produced if capital is 24 and labor is 6 ?
Capital Labor 20 1 16 2 12 3 11 4 9 6 7 9 5 13
a. What is the marginal rate of technical substitution between 3 and 4 units of labor? what is it between 5 and 7 units of capital?
b. can the marginal product of labor be determined from this data ? Explain
c. Assuming there are constant return to scale, what output rate will be produced if capital is 24 and labor is 6 ?
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