Given that Q = Q(K, L) = (aK" + (1– a)L")F represents a production function, where Q is output, and K (capital) and L (labour) are inputs. 7. %3| (a) Find the total differential of Q. (b) Now let the production function be implied by the following: F(Q,K,L) = Q – aK" + (1 – a)L" = 0. dK Using the implicit function rule find dL (c) The derivative in (b) is the slope of the isoquants from the implied production function. These are always deemed to be negative. What values of a would ensure that the isoquants were negative?

Given that Q = Q(K, L) = (aK" + (1– a)L")F represents a production function, where Q is output, and K (capital) and L (labour) are inputs. 7. %3| (a) Find the total differential of Q. (b) Now let the production function be implied by the following: F(Q,K,L) = Q – aK" + (1 – a)L" = 0. dK Using the implicit function rule find dL (c) The derivative in (b) is the slope of the isoquants from the implied production function. These are always deemed to be negative. What values of a would ensure that the isoquants were negative?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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