2.3 If a monopoly has a Cobb-Douglas production function, Q = LK, and faces an inverse demand function of p = Q-b, what is its

2.3 If a monopoly has a Cobb-Douglas production function, Q = LαKβ, and faces an inverse demand function of p = Q-b, what is its marginal revenue product of labor? (Hint: Use Appendix 6C, and note that the monopoly’s marginal revenue function is MR = [1 - b]Q-b = [1 - b]p.) A