Question: The production function is Q ALa Kb where a

The production function is Q = ALa Kb, where a > 0 and b > 0.
a. The marginal product of labor is MPL = __________________ .
b. The marginal product of capital is MPK = __________________ .
c. The marginal rate of technical substitution is MRTS = __________________ .
d. Show that the isoquants for this production function are convex.
e. Derive the equation for the long-run expansion path.

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  • CreatedNovember 18, 2014
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