The production function is: where a > 0 and b > 0. a. The marginal product of labor is: b. The marginal product of labor
The production function is:
where a > 0 and b > 0.
a. The marginal product of labor is:
b. The marginal product of labor is:
c. The marginal rate of technical substitution is
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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Authors: Francine D. Blau, Marianne A. Ferber, Anne E. Winkler
7th edition
978-0190670863, 019067086X, 132992817, 978-0132992817
