Consider the production function, Q = 15L3/4K1/4, where Q is output, L is labor input, and K
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Question:
Consider the production function, Q = 15L3/4K1/4, where Q is output, L is labor input, and K represents capital input.
1) Using natural logarithms, transform this exponential function into a linear function.
2) Now assume that L = 10 and K = 5. What is the value of ln(Q)?
Remembering that exp (ln(Q)) = Q, determine the value of Q.
Related Book For
Managerial economics
ISBN: 978-1118041581
7th edition
Authors: william f. samuelson stephen g. marks
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