Problem 1.
Using graphing strategy plot the graph of the function f(x) =2x3 +3x2 -12x
Problem 2.
Problem 3.
A demand function is given by Q(P) = 800-25P
a) Find the elasticity.
b) Find the elasticity at a price of $12 per barrel, stating whether the demand is elastic or inelastic.
c) Find the elasticity at a price of $16 per barrel, stating whether the demand is elastic or inelastic.
d) Find the elasticity at a price of $20 per barrel, stating whether the demand is elastic or inelastic.
Problem 4.
Consider Cobb-Douglas production function Q=9K^(2/3) L^(1/3)
Find total output when K=1000 and L=125.
Derive marginal productivity of capital.
Derive marginal productivity of labor.
Calculate these partial derivatives when K=1000 and L=125