The production function is qalakbwhere a gt 0 and b gt 0a, Ask an Expert

Economics

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.

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Microeconomics, Economics

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