Question: Part IV. Consider the following Cobb-Douglas type production function (label your answers a., b., etc.): Q = 20K0.25L0.5 a. Is this function linearly homogeneous?

Part IV. Consider the following Cobb-Douglas type production function (label your answers a.,b., etc.):Q = 20K 0.25 0.5a.

Part IV. Consider the following Cobb-Douglas type production function (label your answers a., b., etc.): Q = 20K0.25L0.5 a. Is this function linearly homogeneous? Explain. b. What is the slope of the isoquant for Q = 100 and K = 16 and L= 36? Show your work. c. Derive the average and marginal products of labor. d. If you found the minimum total cost function associated with this production function, what would its shape be at Q increases? (Either increase at increasing rate, increase at constant rate, or increase at decreasing rate.) Why?

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