1. Consider the 'Cobb-Douglas' production function: f ( K, N.) = KPN)- where o is an exogenous parameter that determines the share of output produced by each factor of production. Assume that capital and labor inputs, K, and M, must be positive. (a) Compute the first- and second-order partial derivatives with respect to each argument of production function. (b) Explain why marginal product is positive and diminishing with respect to each ar- gument if 0 1. (c) Assume that 0