Given the following function:
T=aK^-b L^c F^d = 0.02K ^-0.25 L^0.2 F^0.55
L = 500
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
i)Marginal product of K=MPK=dT/dK=0.02*(-0.25)K^(-0.25-1)L^0.2F^0.55
Put value of K,L and F
The solution describes the steps to calculate Marginal Product and MRTS.