3 of 3 y2 4: A Örmís production function is given by: K2 Q = 2KL L2 (8) where Q is output, L is hours of work and K is use of machinery and equipment. (a) Find the total di§erential, dQ (b) Set dQ = 0 and Önd dK : dL 5: We have the following function z= x3 24 4y2 + 12xy + 20x 2y (9) (a) Find the stationary values. that is, Önd the values of x and y that solve the Örst order conditions. (b) Consider each stationary value. Determine if it is a minimum, maximum or a saddle point. 6:A monopolist produces an identical product in 2 plants. The cost of production in the Örst plant is given by C1 = Q1 + 0:5Q21 (10) where Q1 is output produced in the Örst plant. The cost of production in the second plant is: C2 = 2Q22 Q2 (11) where Q2 is output produced in the second plant. The total demand for the Örmís product is given by: P = 100 2QT (12) QT = Q1 + Q2 (13) where QT is total output produced The cost of production in the Örst plant is given by: T C = C1 + C2 (14) The total demand for the Örmís product is given by: P = 500 2QT (15) QT = Q1 + Q2 (16) where 2 : https://brightspace.carleton.ca/d2l/le/content/208403/viewContent/3470943/View 2023-11-07, 3 10 PM Page 1 of 1