A manufacturer has modeled its yearly production function P (the monetary value of its entire production) as a Cobb-Douglas function P(L, K) = 1.46L0.65K0.45 where L is the number of labor hours, in thousands, and K is the invested capital, in millions of dollars. (a) Calculate PL and PK. PL = PK = (b) Find the marginal productivity of labor and the marginal productivity of capital when L = 140 and K = 40. (Round your answers to two decimal places.) marginal productivity of labor marginal productivity of capital
A manufacturer has modeled its yearly production function P (the monetary value of its entire production) as a Cobb-Douglas function P(L, K) = 1.46L0.65K0.45 where L is the number of labor hours, in thousands, and K is the invested capital, in millions of dollars. (a) Calculate PL and PK. PL = PK = (b) Find the marginal productivity of labor and the marginal productivity of capital when L = 140 and K = 40. (Round your answers to two decimal places.) marginal productivity of labor marginal productivity of capital
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A manufacturer has modeled its yearly production function P (the monetary value of its entire production) as a Cobb-Douglas function
P(L, K) = 1.46L0.65K0.45
where L is the number of labor hours, in thousands, and K is the invested capital, in millions of dollars.
(a) Calculate
(b) Find the marginal productivity of labor and the marginal productivity of capital when
PL
and
PK.
PL =
PK =
(b) Find the marginal productivity of labor and the marginal productivity of capital when
L = 140
and
K = 40.
(Round your answers to two decimal places.)marginal productivity of labor | |
marginal productivity of capital |
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