Question: Consider the CES production function \(y=\left[k^{\rho}+l^{\rho}\right]^{1 / \rho}\).

1. Show that the Marginal Product of \(k\) and the Marginal Product of \(l\) are functions of output \((y)\)
2. Compute the Marginal Rate of Technical Substitution between \(k\) and \(l\).
3. Compute the elasticity of substitution.

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