Suppose that the output Q (in units) of a certain company is Q = 75K^1/3L^2/3, where K is the capital expenditures in thousands of dollars and L is the number of labor hours. Find ∂Q/∂K when capital expenditures are $2,744,000 and the labor hours total 2744. Interpret ∂Q/∂K. If labor hours remain at 2744 and K increases by $1000, Q will increase
Suppose that the output Q (in units) of a certain company is
Q = 75K^1/3L^2/3,
where K is the capital expenditures in thousands of dollars and L is the number of labor hours.
Find ∂Q/∂K when capital expenditures are $2,744,000 and the labor hours total 2744. Interpret ∂Q/∂K.
If labor hours remain at 2744 and K increases by $1000, Q will increase about how much?? Find ∂Q/∂L when capital expenditures are $2,744,000 and the labor hours total 2744. (Round your answer to the nearest whole number.) Interpret ∂Q/∂L.
If capital expenditures remain at $2,744,000 and L increases by one hour, Q will increase about how much??
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