Let F be a function of two variables, defined by F(K, L) = 2 In K + 5 In L. (a) Find RLK= F₁'(K, L) / F₂'(K, L), the marginal rate of substitution of L for K. (b) Find OLK ElRK (L / K), the elasticity of substitution between L and K along a level curve for F. RLK = OLK = = (Simplify your answer.)

Let F be a function of two variables, defined by F(K, L) = 2 In K + 5 In L. (a) Find RLK= F₁'(K, L) / F₂'(K, L), the marginal rate of substitution of L for K. (b) Find OLK ElRK (L / K), the elasticity of substitution between L and K along a level curve for F. RLK = OLK = = (Simplify your answer.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.11P

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