(1) A company production function Is Q = 15K^1.7 L^1.3, + K^3 + 5^3, where Q is the quantity produced, L is the number of units of labour and K is the number of units of capital (II) Calculate the value of A so that: LƏQ/ƏL+ KƏQ/Ək = AQ

(1) A company production function Is Q = 15K^1.7 L^1.3, + K^3 + 5^3, where Q is the quantity produced, L is the number of units of labour and K is the number of units of capital (II) Calculate the value of A so that: LƏQ/ƏL+ KƏQ/Ək = AQ

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.7P

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I coudn't solve these problems, could you provide full workout and correct solution. Greatly Appreciated!

Q1
(1)
A company production function Is Q = 15K^1.7 L^1.3, + K^3 + 5^3, where Q is the
quantity produced, L is the number of units of labour and K is the number of units of
capital
(II)
Calculate the value of A so that: LaQ/aL+ KƏQ/Ək = AQ

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