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Productivity of a Country The productivity of a country in Western Europe is given by the function f(x, y) = 40x4/5y1/5 when x units of labor and y units of capital are used. (a) What are the marginal productivity of labor and the marginal productivity of capital when the amounts expended on labor and capital are 1024 units and 32 units, respectively? (Round your answers to two decimal places.) labor units capital units (b) Should the government encourage capital investment rather then increased expenditure on labor at this time in order to increase the country's productivity? O Yes O No

Productivity of a Country The productivity of a country in Western Europe is given by the function f(x, y) = 40x4/5y1/5 when x units of labor and y units of capital are used. (a) What are the marginal productivity of labor and the marginal productivity of capital when the amounts expended on labor and capital are 1024 units and 32 units, respectively? (Round your answers to two decimal places.) labor units capital units (b) Should the government encourage capital investment rather then increased expenditure on labor at this time in order to increase the country's productivity? O Yes O No

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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Productivity of a Country The productivity of a country in Western Europe is given by the function f(x, у) 40x4/5y1/5 when x units of labor and y units of capital are used. (a) What are the marginal productivity of labor and the marginal productivity of capital when the amounts expended on labor and capital are 1024 units and 32 units, respectively? (Round your answers to two decimal places.) labor units сapital units (b) Should the government encourage capital investment rather then increased expenditure on labor at this time in order to increase the country's productivity? Yes No
Transcribed Image Text:Productivity of a Country The productivity of a country in Western Europe is given by the function f(x, у) 40x4/5y1/5 when x units of labor and y units of capital are used. (a) What are the marginal productivity of labor and the marginal productivity of capital when the amounts expended on labor and capital are 1024 units and 32 units, respectively? (Round your answers to two decimal places.) labor units сapital units (b) Should the government encourage capital investment rather then increased expenditure on labor at this time in order to increase the country's productivity? Yes No
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