The productivity of a certain country with the utilization of x units of labor and y units of capital is given approximately by the function f(x,y)=100x0.72y0.28 (A) Find fx(x,y) and fy(x,y). (B) If the country is now using 600 units of labor and 500 units of capital, find the marginal productivity of labor and the marginal productivity of capital. (C) For the greatest increase in the country's productivity, should the government encourage increased use of labor or increased use of capital?
The productivity of a certain country with the utilization of x units of labor and y units of capital is given approximately by the function f(x,y)=100x0.72y0.28 (A) Find fx(x,y) and fy(x,y). (B) If the country is now using 600 units of labor and 500 units of capital, find the marginal productivity of labor and the marginal productivity of capital. (C) For the greatest increase in the country's productivity, should the government encourage increased use of labor or increased use of capital?
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question
The productivity of a certain country with the utilization of x units of labor and y units of capital is given approximately by the function
f(x,y)=100x0.72y0.28
(A)
|
Find
fx(x,y)
and
fy(x,y).
|
(B)
|
If the country is now using
600
units of labor and
500
units of capital, find the marginal productivity of labor and the marginal productivity of capital. |
(C)
|
For the greatest increase in the country's productivity, should the government encourage increased use of labor or increased use of capital?
|
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