The value of Q if K = $ 10 , 000 and L = 625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q = 30 K 1 / 4 L 3 / 4 where K is dollars of capital investment and L is labor hours.

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Answer 1

Question

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

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Answer 2

Question

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

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Answer 3

Question

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

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Answer 4

Question

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

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Answer 5

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

Answer 6

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

Answer 7

Chapter 14.1, Problem 33E

(a)

To determine

To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

Answer 8

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

Answer 9

(b)

To determine

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

Answer 10

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

Answer 11

(c)

To determine

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 14.1 - CHECKPOINT 1. Find the domain of the function Ch. 14.1 - Prob. 1E Ch. 14.1 - Prob. 2E Ch. 14.1 - Prob. 3E Ch. 14.1 - Prob. 4E Ch. 14.1 - Prob. 5E Ch. 14.1 - Prob. 6E Ch. 14.1 - Prob. 7E Ch. 14.1 - Prob. 8E Ch. 14.1 - Prob. 9E

The value of Q if K = $ 10 , 000 and L = 625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q = 30 K 1 / 4 L 3 / 4 where K is dollars of capital investment and L is labor hours.

Solution Summary: The author calculates the value of Q if K=10,000 and L=625 hours.

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To calculate: The value of Q if K=$10,000 and L=625 hours. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

To calculate: The output Q if both K and L are doubled. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours. Interpret the answer.

To graph: Q as a function of L if capital investment is held at $10,000. Suppose that a company’s production for Q units of its product is given by the Cobb-Douglas production function Q=30K1/4L3/4 where K is dollars of capital investment and L is labor hours.

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Chapter 14 Solutions