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Determine cobb-douglas production function

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Reference no: EM131801438

Question: Production suppose that a company's production for Q units of its product is given by the Cobb-Douglas production function

Q = 30K¼L3/4

where K is dollars of capital investment and L is labor hours.

(a) Find Q if K = $10,000 and L = 625 hours.

(b) Show that if both K and L are doubled, then the output is doubled.

(c) If capital investment is held at $10,000, graph Q as a function of L.

Reference no: EM131801438

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