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Question 1 (30 marks) Note that the following sub-questions are not related to each other. {1) {2) {3) {4) {5) Suppose that y is a
Question 1 (30 marks) Note that the following sub-questions are not related to each other. {1) {2) {3) {4) {5) Suppose that y is a function of a: satisfying the equation 5$2+6y2+3$y+5y+3 = 0. Use the implicit differentiation rule to nd dy/d-i: {show necessary steps). Assume the Cobb-Douglas production function given by Q = CLQK'S , where C is a constant, and L and K represent labor input and capital input, respectively. Suppose that the production is xed at Q = Q0, and at this xed level of production, I. is a function of K dened by Q0 = CLQKIS. Use the implicit differentiation rule to nd the \"rate of substitution of labor for capital\
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