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Exercise 9 Marginal product Let Y denote output and L denote labor. Suppose that output is given by Y = 4L1/4. What is the marginal product of labor? That is, what is Y' = dy dL .? What is dy/dL evaluated at L = 16 and L = 17? How does adding an extra worker affect Y? Exercise 10 Thinking marginally For the cost function: ■ find the marginal cost and ■ state the units of measurement. (All costs are in dollars.) 1,000 C(x) = 15,000+ 20x + X Please find C'(x). What are the units of C'?

Exercise 9 Marginal product Let Y denote output and L denote labor. Suppose that output is given by Y = 4L1/4. What is the marginal product of labor? That is, what is Y' = dy dL .? What is dy/dL evaluated at L = 16 and L = 17? How does adding an extra worker affect Y? Exercise 10 Thinking marginally For the cost function: ■ find the marginal cost and ■ state the units of measurement. (All costs are in dollars.) 1,000 C(x) = 15,000+ 20x + X Please find C'(x). What are the units of C'?

Advanced Engineering Mathematics
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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Exercise 9 Marginal product Let Y denote output and L denote labor. Suppose that output is given by Y = 4L1/4. What is the marginal product of labor? That is, what is Y' = dy dL .? What is dy/dL evaluated at L = 16 and L = 17? How does adding an extra worker affect Y?
Transcribed Image Text:Exercise 9 Marginal product Let Y denote output and L denote labor. Suppose that output is given by Y = 4L1/4. What is the marginal product of labor? That is, what is Y' = dy dL .? What is dy/dL evaluated at L = 16 and L = 17? How does adding an extra worker affect Y?
Exercise 10 Thinking marginally For the cost function: ■ find the marginal cost and ■ state the units of measurement. (All costs are in dollars.) 1,000 C(x) = 15,000+ 20x + X Please find C'(x). What are the units of C'?
Transcribed Image Text:Exercise 10 Thinking marginally For the cost function: ■ find the marginal cost and ■ state the units of measurement. (All costs are in dollars.) 1,000 C(x) = 15,000+ 20x + X Please find C'(x). What are the units of C'?
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