At Lequals86, Kequals90, the marginal product of labor is 8 and the marginal product of capital is 2. What is the marginal rate of technical substitution (labor measured on the horizontal axis)? The marginal rate of technical substitution is nothing. (Enter a numeric response using a real number rounded up to two decimal places.)

0.25

Explanation:

The marginal rate of technical substitution (MRTS) can be described as the rate of a reduction is one factor to maintain the same production level when another factor is increased.

Given that labor is measured on the horizontal axis, the MRST of K for L can be calculated as follows:

Where;

MPK =  Marginal product of capital = 2

MPL = Marginal product of labor = 8

Substituting the values into the equation, we have:

This implies that 0.25 of capital must be given up to have one unit of labor.

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