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Consider the production functionq 4k 34 l 14a find the

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Reference no: EM13375585

Consider the production function

Q = 4K ^ (3/4) * L ^ (1/4)

a. Find the gradient of Q
b. Find the Hessian of Q
c. Denote the initial K = 10,000 and L = 625. Consider an increase of K by ?K and similarly an increase of L by ?L. Find the Taylor approximation for this function. f(x + ?x) = f(x) + ?x^(T) * ∇f(x) + (1/2)?x^(T) * H(x)?x + o(k ?x k2)

Reference no: EM13375585

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