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https://www.coursehero.com/tutors-problems/Economics/8645853--The-production-function-is-QALaKb-where-a-0-and-b-0-a-Th/

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Question

0 and b > 0.;a. The marginal product of labor is;MPl=;b. The marginal product of labor is;MPk=;c. The marginal rate of technical substitution is;MRTS=;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.

 

Paper#15393 | Written in 18-Jul-2015

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