Answer: Cobb-Douglas production function The output Q of

Chapter 12, Problem 42

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Cobb-Douglas production function The output Q of an economic system subject to two inputs, such as labor L and capital K, is often modeled by the Cobb-Douglas production function Q1L, K2 = cLaKb, where a, b, and c are positive real numbers. When a + b = 1, the case is called constant returns to scale. Suppose a = 13 , b = 23 , and c = 40. a. Graph the output function using the window 30, 204 * 30, 204 * 30, 5004. b. If L is held constant at L = 10, write the function that gives the dependence of Q on K. c. If K is held constant at K = 15, write the function that gives the dependence of Q on L.