Question: The production function is:Q=ALaKb where a > 0 and b > 0. The marginal product of labor is: The marginal product of labor is: The

The production function is:Q=ALaKb where a > 0 and b > 0.

  1. The marginal product of labor is:
  2. The marginal product of labor is:
  3. The marginal rate of technical substitution is:
  4. Show that the isoquants for this production function are convex. (Show that MRTS diminishes as L increases. Why?)
  5. Derive the equation for the long-run expansion path.

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