Suppose that a company's production for Q units of its product is given by the Cobb-Douglas production
Question:
Q = 30K1/4L3/4
where K is dollars of capital investment and L is labor hours.
(a) Find Q if K = $10,000 and L = 625 hours.
(b) Show that if both K and L are doubled, then the output is doubled.
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Step by Step Answer:
Q 30K 14 L 34 a Q 3010000 ...View the full answer
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Related Book For 
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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