Consider the following production function: q equals 8 lk plus 5 upper l squared minus left parenthesis one third right parenthesis upper l cubed . given the following expressions for the marginal productivity of each input: mp subscript upper l baseline equals 8 upper k plus 10 upper l minus upper l squared and mp subscript upper k baseline equals 8 upper l assuming capital is plotted on the vertical axis and labor is plotted on the horizointal axis, determine the value of the marginal rate of technical substitution when k = 30 and l = 10. (round your answer up to two decimal places and include the proper sign.)

answer: heh

explanation:

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

c

explanation:

answer; only identify and interpret trends in the marketplace;