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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.
Solution ID:351106 | This paper was updated on 26-Nov-2015Price : $25