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    Calculating Marginal Product and MRTS

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    Given the following function:

    T=aK^-b L^c F^d = 0.02K ^-0.25 L^0.2 F^0.55

    if K=100
    L = 500
    F =20,000

    i) Calculate the marginal products associated with K L F.
    ii) What is the MRTS between K and L
    iii) What is the MRTS between K and F

    © BrainMass Inc. brainmass.com October 10, 2019, 2:24 am ad1c9bdddf
    https://brainmass.com/economics/production/calculating-marginal-product-mrts-375960

    Solution Preview

    i)Marginal product of K=MPK=dT/dK=0.02*(-0.25)K^(-0.25-1)L^0.2F^0.55
    MPK=-0.005K^(-1.25)L^0.2F^0.55
    Put value of K,L and F
    MPK=-0.005*100^(-1.25)*(500^0.2)*(20000^0.55)= ...

    Solution Summary

    The solution describes the steps to calculate Marginal Product and MRTS.

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