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The production function is: Q=ALaKb
where a > 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.
What is the Federal Funds Interest rate?
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1. consider the production functionwhere q is total output k is the amount of capital used and l is the amount of labor
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