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The production function i

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solution


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#15394 | Written in 18-Jul-2015

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