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Microeconomics

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Moderate

Cobb-Douglas Production Function

MICRO-JEGKN8

One common production function used in economics is called the Cobb-Douglas production function. The Cobb-Douglas function is:

$$q(L,K) = L^{\alpha}K^{1 - \alpha}$$

...where 0 < $\alpha$ < 1.

What is the marginal product of labor for this production function?


What is the marginal product of capital for this production function?


What is the marginal rate of technical substitution for this production function?