A more general form of the Cobb - Douglas production function is given by Q = AKL
Question:
Q = AKαLβ
where A, α, and β are positive constants.
a. Solve for the marginal products of capital and labor.
b. For what values of α and β will the production function exhibit diminishing marginal returns to capital and labor?
c. Solve for the marginal rate of technical substitution.
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Step by Step Answer:
a Take the partial derivatives with respect to each input to fi...View the full answer
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Related Book For 
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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