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1. b. i. The following is a general case of the Cobb-Douglas production function: Q = f(L, K) = AL K where A, and are
1. b. i. The following is a general case of the Cobb-Douglas production function: Q = f(L, K) = AL K where A, and are positive constants. find the MRTS for this production function. ii. For A = 1, = 1/3 and = 2/3, find MRTS at bundles (1,216) and (64,27). Is MRTS diminishing? Show an isoquant diagram to depict the bundles and the MRTS (verify that both bundles are on the isoquant Q = 36)
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