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productivities of labor and capital

productivities of labor and capital

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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The productivity of a country is given by f(x,y) = 100x0.64 0.36, where x is the amount of labor and y is the amount of capital. У (a) Compute the marginal productivities of labor and capital when x = 500 and y = 100. (b) Use part (a) to determine the approximate effect on productivity of increasing capital from 100 to 101 units, while keeping labor fixed at 500 units. (c) What would be the approximate effect of decreasing labor from 500 to 498 units while keeping capital fixed at 100 units? (a) The marginal productivity of labor is (Do not round until the final answer. Then round to two decimal places as needed.) The marginal productivity of capital is (Do not round until the final answer. Then round to two decimal places as needed.) (b) When capital is increased from 100 to 101 units, the approximate change in productivity is (Do not round until the final answer. Then round to two decimal places as needed.) (c) When labor is decreased from 500 to 498 units, the approximate change in productivity is (Do not round until the final answer. Then round to two decimal places as needed.)
Transcribed Image Text:The productivity of a country is given by f(x,y) = 100x0.64 0.36, where x is the amount of labor and y is the amount of capital. У (a) Compute the marginal productivities of labor and capital when x = 500 and y = 100. (b) Use part (a) to determine the approximate effect on productivity of increasing capital from 100 to 101 units, while keeping labor fixed at 500 units. (c) What would be the approximate effect of decreasing labor from 500 to 498 units while keeping capital fixed at 100 units? (a) The marginal productivity of labor is (Do not round until the final answer. Then round to two decimal places as needed.) The marginal productivity of capital is (Do not round until the final answer. Then round to two decimal places as needed.) (b) When capital is increased from 100 to 101 units, the approximate change in productivity is (Do not round until the final answer. Then round to two decimal places as needed.) (c) When labor is decreased from 500 to 498 units, the approximate change in productivity is (Do not round until the final answer. Then round to two decimal places as needed.)
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