he automobile assembly plant you manage has a Cobb - Douglas production function given byP = 20x0.5y0.5, where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget ( in thousands of dollars). You maintain a production level of 1000 automobiles per year. If you currently employ 110 workers and are hiring new workers at a rate of 15 per year, how fast is your daily operating budget changing? (Round your answer to the nearest cent.) The daily operating budget is at a rate of $ per year.

he automobile assembly plant you manage has a Cobb - Douglas production function given byP = 20x0.5y0.5, where P is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget ( in thousands of dollars). You maintain a production level of 1000 automobiles per year. If you currently employ 110 workers and are hiring new workers at a rate of 15 per year, how fast is your daily operating budget changing? (Round your answer to the nearest cent.) The daily operating budget is at a rate of $ per year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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