Quiz-5-2010-2 - ARE 100A Richard Howitt Quiz on Problem Set...

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ARE 100A Quiz on Problem Set V February 19 2010 Richard Howitt Name…………………………….. Section…………………………….. Given the following production function: Where K is capital, L is labor 0.4 0.5 10( ) Q K L = (a) Given two points on an isoquant (Q=97) of K =10, L= 15 and K=8, L= 17.85 Calculate the interval (average) elasticity of substitution between these two points. Show your work To speed up your calculations assume
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