(2) Assume that we have a Cobb-Douglas production function for a certain industry: Q = CL°K®, where c is a constant, and L and K represent labor input and capital input, respectively. Assume that the production is fixed at Q Qo, and at this fixed level of production, K is a function of L defined by Qo = CL°K%. Use the implicit differentiation rule to find the "rate of substitution of capital for labor", which is measured by 8K/ƏL when the production is fixed at Q = Qo (show the necessary steps).

A: Left end sum=sum of areas of the rectangles      =7X10+9.8X10+13.2X10+18.1X10+20.5X10      =68.6X10…

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A: Step 1:  2(p+4)=2 Step 2: 2p+8=2 Step 3: 2p=2-8 Step 4: 2p=-6 Step 5:  p=-6/2 Step 6: p= -3

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A: Express mathematically the definition of derivative. f'(x)=Lth→0f(x+h)-f(x)h Let the given…