Answer question 5 using two specific production functions as examples: a. A fixed-proportions production function b. A Cobb-Douglas production function of the form q ¼ ffiffiffiffiffiffiffiffiffi K L...

Answer question 5 using two specific production

functions as examples:

a. A fixed-proportions production function

b. A Cobb-Douglas production function of the form

q ¼ ffiffiffiffiffiffiffiffiffi

K L p

(See 6.4, 6.7, and 6.8 for a discussion of

this case.)