4. A production function for a business follows the model P(L, K) = 0.5L0.7Kº.3 over the course of one year, where P represents the total value of all products the company makes, L represents the value of the labor from employees, and K represents the value of all the company's assets (buildings, machines, etc.), where everything is measured in millions of dollars. ӘР (a) Find and and explain what they represent in this context. ƏL (b) Evaluate the partial derivatives from part a when (L, K) = (3,2). If this was your business and your values, if you wanted to expand would it be better to expand in workforce (increase L) or expand in assets (increase K)? When answering include units and write in complete sentences.

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Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.