Hey,
has anybody an idea how to compute of marginal products of labor and capital from this excercise?
- [min{aK,bL}]^α
The whole question is :
Compute marginal products of labor and capital and the marginal rate of technical substitution and sketch the isoquants for the following production function: [min{aK,bL}]^α
marginal products of labor: α[min{aK,bL}]^α-1*(0, if L>K; b if L<K)? is it correct?