Marginal product of capital and labour

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Q1. If capital is measured on the vertical axis and labor is measured on the horizontal axis, the slope of an isoquant can be interpreted as the rate at which the firm can replace capital with labor without changing the output rate. Average rate at which the firm can replace capital with labor without changing the output rate.
What is the marginal product of labor?
What is the marginal product of capital?

Q2. What should the WTO do, right now, to avoid having developed economies regress to a Smoot-Hawley type of isolationism/protectionism to avoid job losses in import-competing sectors? Do not explain why the WTO should intervene; rather, explain how.

Reference no: EM136389

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