1. A general form of the Cobb-Douglas production function is given by Q = AK&L³ where A, a, ß are positive constants. A. Solve for the marginal products of capital and labor. B. For what values of a and 3 will the production function exhibit diminishing marginal returns to capital and labor? C. Solve for the marginal rate of technical substitution.

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1. A general form of the Cobb-Douglas production function is given by
Q = AKº L³
where A, a, 3 are positive constants.
A. Solve for the marginal products of capital and labor.
B. For what values of a and 3 will the production function exhibit diminishing marginal returns
to capital and labor?
C. Solve for the marginal rate of technical substitution.
Transcribed Image Text:1. A general form of the Cobb-Douglas production function is given by Q = AKº L³ where A, a, 3 are positive constants. A. Solve for the marginal products of capital and labor. B. For what values of a and 3 will the production function exhibit diminishing marginal returns to capital and labor? C. Solve for the marginal rate of technical substitution.
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