Suppose that a company's production for Q units of its product is given by the Cobb-Douglas production function shown below, where K is dollars of capital investment and L is labor hours Q = 30K/4L3/4 (a) Find Q if K= $10,000 and L= 256 hours. Q= (b) Show that if both K and L are doubled, then the output is doubled. Q(2K, 2L) = (c) If a capital investment is held at $10,000, graph Q as a function of L. 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 10 40 50 60 10 20 30 40 50 60 20 30 dtv MacBook Pro

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