A manufacturer has modeled its yearly production function P (the monetary value of its entire production in millions of dollars) as a Cobb-Douglas functionP(L, K) = 1.47L0.65 0.35where L is the number of labor hours (in thousands) and K is the investedP(125, 30)=122.82 X, so when the manufacturervalue of the production is about $122.8 X million.invests $ 30capital (in millions of dollars). Find P(125, 30) and interpret it. (Round your answers to one decimal place.)✔million in capital and 125 ✔ thousand hours of labor are completed yearly, the monetary

Given:The production function is given by: where,Number of labor hours in thousandsInvested…

Answered: A manufacturer has modeled its yearly…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

A supply company charges for 90-liter drums using the demand function p(x)=20.9−1.6x What is the revenue function?
2. Lijah opened an account at Advantis Credit Union. The balance of her account after x years is represented by the function b(x) = 500(1.05)*. What annual interest rate is Lijah earning? а. b. After how many years did it take for Lijah's balance to double? Show all of your work.
A new car costs $27, 000 depreciates to 80% of its value in 2 years. Round all answers to 2 decimal places, where necessary. a. Assume that the depreciation is linear. What is the linear function that models the value of this car t years after purchase? f(t) = Preview b. Assume that the value of the car is given by an exponential function Aekt, where A is the initial price of the car. Find the value of the constant k. Answer exactly. k = Preview c. For the linear model used in part (a), find the value of the car 6 years after the purchase, then do the same for the exponential model used in part (b). Round your answer to 2 decimal places. Linear after 6 years: $ Exponential after 6 years: $
The total cost C for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total cost, we need to know the manufacturer's fixed costs (covering things such as plant maintenance and insurance), as well as the cost for each unit produced, which is called the variable cost. To find the total cost, we multiply the variable cost by the number of items produced during that period and then add the fixed costs.Suppose that a manufacturer of widgets has fixed costs of $9000 per month and that the variable cost is $14 per widget (so it costs $14 to produce 1 widget). (a) Use a formula to express the total cost C of this manufacturer in a month as a function of the number of widgets produced in a month. (Use N as the number of widgets produced in a month.)C = (b) Express using functional notation the total cost if there are 225 widgets produced in a month.C( )Calculate the total cost if there are 225…
A tractor has an initial price of $8000.00 and sells for $1100.00 after 23 years. Assume that the tractor's value depreciates linearly with the passing years. (a) Let V represent the tractor's value in dollars and let t represent the number of years since the tractor was purchased. Write a formula to express the tractor's value as a function of time: V(t) = ... ... (b) Horizontal intercept of the value function V(t): ... Vertical intercept of the value function V(t):
When a homeowner has a 25-year variable-rate mortgage loan, the monthly payment R is a function of the amount of the loan A and the current interest rate i (as a percent); that is, R = f(A, i). Interpret each of the following. (a) f(150,000, 8) = 773.89 For a loan of $150,000 at 8% interest, the monthly payment is $773.89. For a loan of $150,000 at 7.7389% interest, 800 monthly payments would be required to pay off the loan. For a loan of $150,000 at 8% interest, 773.89 monthly payments would be required to pay off the loan. For a loan of $150,000 at 7.7389% interest, the monthly payment is $800. af (b) (150,000, 8) = 68.74 O For a loan of $150,000 at 8% interest, an 8% change in the interest rate would result in a $68.74 change in the monthly payment. For a loan of $150,000 at 8% interest, a 6.874% change in the interest rate would result in an $8.00 change in the monthly payment. For a loan of $150,000 at 8% interest, a 1% change in the interest rate would result in a $68.74 change…
A software entertainment company recently ran a holiday sale on its popular software program. Using data collected from the sale, it is possible to estimate the demand corresponding to various discounts in the price of the software. Assuming that the original price was $36, the demand for the software can be estimated by the function -2.504 q=3,742,000p the elasticity of demand. where p is the price and q is the demand. Calculate and interpret What formula should be used to compute the elasticity of demand, E, if q is demand at a price p? O A. E= P dp dq b. P dq q dp. O B. E= - C. E=p dq O D. E=q dp

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS