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The production function is:
Q=ALaKb
where a > 0 and b > 0.
a. The marginal product of labor is:
MPl =
b. The marginal product of labor is:
MPk=

c. The marginal rate of technical substitution is
MRTS

d. Show that the isoquants for this production function are convex. (Show that MRTS diminishes as L increases. Why?)
e. Derive the equation for the long-run expansion path.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91099017

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