1. The production function is Q ALaKb, where a 0 and b 0.

a. The marginal product of labor is MPL

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b. The marginal product of capital is MPK

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c. The marginal rate of technical substitution is MRTS .

d. Show that the isoquants for this production function are convex. [Hint: Show that MRTS diminishes as L increases. (Why?)]

e. Derive the equation for the long-run expansion path.