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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 = 30K1/4L3/4(a) Find Q if K = $625 and L = 625 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.

Question

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 = 30K1/4L3/4
(a) Find Q if K = $625 and L = 625 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
 
 
check_circleAnswer
Step 1

Company's produciton function is given below

Q= units produced

K= dollars of capital investment

L= Labor hours

Given K = $625 and L = 625 hours. By substituting these values we get Q = 18750 units.

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Step 2

To show if K and L are doubled then output is doubled.

Let us substitute K = 2K and L = 2L in the produciton funciton as shown below, then we get the total ...

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Calculus

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