Question: 1) The production function has the formQ = 50 L 0,5 K 0,5 Let P L = w = 5, K = r = 20

1) The production function has the formQ = 50 L^0,5 K^0,5

Let P_L = w = 5, _K = r = 20

Determine the total production cost of 1000 units of production.

2) The production function has the formQ = L^0,5 + K^0,5

Determine the coefficient of elasticity of replacement of capital by labor.

3) The company uses 8 units. labor and 24 units. capital and produces 24 units of finished products. If the marginal product of labor is 1.5 and production is characterized by a constant effect of scale of production, then why is the marginal product of capital? Provide a graphic illustration before solving the problem.

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4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.