11. (10 points) Suppose the firm's output Q is related to capital input K and labour...

Transcribed Image Text:

11. (10 points) Suppose the firm's output Q is related to capital input K and labour input L by the production function Q=K³L³ (a): Find dQ/dk (marginal product of capital). (b): Find dQ/dL (marginal product of labour). (c): Find d²Q/dK² and dQ/dL² and show that they have values less than zero (diminishing returns to factor). (d): Suppose further that K and L are given by the linear functions. Find dQ/dt if K = 5 + 2t and L = 2 + t. 11. (10 points) Suppose the firm's output Q is related to capital input K and labour input L by the production function Q=K³L³ (a): Find dQ/dk (marginal product of capital). (b): Find dQ/dL (marginal product of labour). (c): Find d²Q/dK² and dQ/dL² and show that they have values less than zero (diminishing returns to factor). (d): Suppose further that K and L are given by the linear functions. Find dQ/dt if K = 5 + 2t and L = 2 + t.