Question: 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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