1. Find the price elasticity and cross price elasticity of a product given with the demand functionQ1 =24012P1+4P2 whenP1 =10andP2 =7. Question 2. Write down a diminishing returns to scale Cobb-Douglas production function and find its marginal product functions. Question 3. Find the maximum value of the production with q = 2K0.7L0.25 under the budget restriction 5K + 3L = 75. Question 4. Let a CES production function to be given by the parameters A = 10, = 0.2, = 0.1. Find the maximum value of the production under the 10K + 5L = 2100 budget restriction. Question 5. For the production function q = f (K, L) the ratio of the percentage change on KL with percentage change on PK is called elasticity of substitution. Write down a constant returns to scale PL Cobb-Douglas production function and find its elasticity of substitution for the K = 10, L = 7, PK =4andPL =3levels