A company that produces skis has the Cobb-Douglas production function Q=f(x,y)=180x0.7y0.3 , where Q is the number of pairs of skis produced per month, x is the number of thousands of labor hours per month and y is the value of the equipment in units of thousands of dollars. The company currently has a labor force of 3,000 labor hours per month and $50,000 of capital. (a) The current production level is 1256 v skis produced per month. (Round to an integer.) v (Round to an integer.). This number means that, when the company has a labor force of 50 (b) The current marginal productivity of labor is 293 50 293 x worth of equipment, if the labor hours increase by 1,000 hours per month, and the value of equipment remains $ 50 v pairs of skis produced per month, X hours and per month and has $ x , then the production increases vv by approximate (c) The current marginal productivity of capital is (Round to an integer.). This number means that, when the company has a labor force of hours and per month and has $ worth of equipment, if the labor hours remains at hours per month and the value of the equipment increases by one thousand dollars, then the production -Select-- v by approximately pairs of skis produced per month.
A company that produces skis has the Cobb-Douglas production function Q=f(x,y)=180x0.7y0.3 , where Q is the number of pairs of skis produced per month, x is the number of thousands of labor hours per month and y is the value of the equipment in units of thousands of dollars. The company currently has a labor force of 3,000 labor hours per month and $50,000 of capital. (a) The current production level is 1256 v skis produced per month. (Round to an integer.) v (Round to an integer.). This number means that, when the company has a labor force of 50 (b) The current marginal productivity of labor is 293 50 293 x worth of equipment, if the labor hours increase by 1,000 hours per month, and the value of equipment remains $ 50 v pairs of skis produced per month, X hours and per month and has $ x , then the production increases vv by approximate (c) The current marginal productivity of capital is (Round to an integer.). This number means that, when the company has a labor force of hours and per month and has $ worth of equipment, if the labor hours remains at hours per month and the value of the equipment increases by one thousand dollars, then the production -Select-- v by approximately pairs of skis produced per month.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:A company that produces skis has the Cobb-Douglas production function Q=f(x,y)=180x0.7y0.3 , where Q is the number of pairs of skis produced per month, x is the number of thousands of labor hours per
month and y is the value of the equipment in units of thousands of dollars. The company currently has a labor force of 3,000 labor hours per month and $50,000 of capital.
(a) The current production level is 1256
skis produced per month. (Round to an integer.)
(b) The current marginal productivity of labor is 293
50
(Round to an integer.). This number means that, when the company has a labor force of 50
X hours and per month and has $
by approximately
X worth of equipment, if the labor hours increase by 1,000 hours per month, and the value of equipment remains $ 50
then the production increases
293
V pairs of skis produced per month.
(c) The current marginal productivity of capital is
(Round to an integer.). This number means that, when the company has a labor force of
hours and per month and has $
worth of equipment, if the labor hours remains at
hours per month and the value of the equipment increases by one thousand dollars, then the production ---Select--- v by
approximately
pairs of skis produced per month.
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