Question
The production function is: Q = ALaKb where a > 0 and b > 0. a. The marginal product of labor is: MPl b. The
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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Dynamic Business Law
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs
6th Edition
1260733971, 978-1260733976
