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- Consider the following Cobb-Douglas production function. Q=10 K1/2L1/2a. Find the first, second, and cross partial derivatives. b. Determine their signs.c. What is the economic interpretation of the signs of these derivatives?Consider the following Cobb-Douglas production function.Q=10 K1/2L1/2a. Find the first, second, and cross partial derivatives.b. Determine their signs.c. What is the economic interpretation of the signs of these derivatives?What is q in this equation?
- Can someone please explain how to answer this using piecewise function?If output q= 4(√L) then marginal product of L( the slope of the q function) is ........ and when L=9 it takes the specific valueThe cost (C) of a apples in dollars can be represented by the function C(a)=0.27a, and the cost (P) in dollars of b bananas can be represented by the function P(b)=kb, where k is a constant. If C(10)+P(8)=$5.34, what is k ?
- You are the manager of a firm and you are required to optimize the Cobb-Douglas function given the following parameters. The maximum amount of money available to spend is $340 where the price of K=8 and the price of L=4. That is Pk=8 and Pl=4. The function is given as q=K0.4L0.6 . What is the Lagrangian? a. None of the above b. K0.4L0.6−λ(340−8K−4L) c. K0.4L0.6+λ(340−8K−4L) d. K0.4L0.6+λ(340+8K+4L)What is the marginal Physical Productivty (MPP) of the inputs given the function Q= 18x21+2x1x2+2x22 ?Find the optimal solution for the following problem. Minimize C = 4x + 12y subject to 3x + 5y ≥ 12 6x + 2y ≥ 10 and x ≥ 0, y ≥ 0. What is the optimal value of x? What is the optimal value of y? What is the minimum value of the objective function?
