Consider the production function (Q is the quantity of goods produced) 1 K³/4 L7/2 where K is the capital and L is the labour. (a) Find the value of Q when K = 81 and L = 16. (b) What happens to the value of Q if we double both the labour and the capital? (Call the new value Q and write it in terms of the original one). (c) Find an expression for In Q in terms of In K and In L.

Consider the production function (Q is the quantity of goods produced) 1 K³/4 L7/2 where K is the capital and L is the labour. (a) Find the value of Q when K = 81 and L = 16. (b) What happens to the value of Q if we double both the labour and the capital? (Call the new value Q and write it in terms of the original one). (c) Find an expression for In Q in terms of In K and In L.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

(a) Find the value of Q when K = 81 and L = 16.
(b) What happens to the value of Q if we double both the labour and the
capital? (Call the new value Q˜ and write it in terms of the original one).
(c) Find an expression for ln Q in terms of ln K and ln L.

Consider the production function (Q is the quantity of goods produced)
1
K³/4L7/2
where K is the capital and L is the labour.
(a) Find the value of Q when K = 81 and L = 16.
(b) What happens to the value of Q if we double both the labour and the
capital? (Call the new value Q and write it in terms of the original one).
(c) Find an expression for In Q in terms of In K and In L.

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