0.63. 0.37The productivity of a country is given by f(x,y) = 100x°.0°y°.", where x is the amount of labor and y is the amount of capital.(a) Compute the marginal productivities of labor and capital when x = 300 and y = 500.(b) Use part (a) to determine the approximate effect on productivity of increasing capital from 500 to 501 units, while keeping labor fixed at 300 units.(c) What would be the approximate effect of decreasing labor from 300 to 299 units while keeping capital fixed at 500 units?

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Answered: The productivity of a country is given…

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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Suppose there are 100 farmers each with 10 acres that overlie a common groundwater aquifer. They all have identical farmland that is more productive if wells are used to pump the groundwater for irrigation. They all face a marginal cost of $10 per well. The average productivity (in $ of crop output) of the wells of the common aquifer is given by AP = 100 – W where W is the number of wells drilled into the aquifer. 1. Now assume one farmer buys all the land – how many wells will be drilled and what will be the rent generated. A. 45; 2025 B. 90; 2025 C. 60; 1000 D. 90; 0 E. 45; 0 F. None of the above
An individuals utility function is given by U = 900x₁ + 500x2 + 6x₁x2x²-x²2/2, when the weekly amount of leisure is X1 140 and earned income is ₂ = 800 answer the following: - 1. The marginal utility of ₁ is 2. The marginal utility of x2 is 3. Use the small increments formula to estimate the change in the utility when ₁ decreases by 1 and 2 increases by 4. The change = 4. Does the law of diminishing marginal utility hold? 5. The MRCS at a given values is Enter non-integer numerical values as decimals to at least 3 decimal places. Note: you must use a. and not, for a decimal point.
a) A company estimates their total cost, in dollars, to be C(x) = 38000+ 6x +10√ when they produce z items. Find the marginal cost when they produce 2500 items. Include units on your answer. b) Another company estimates the demand for their product, in thousands of items, at a price of p dollars 5324 . Calculate D'(11) and interpret this value (in other words, write a sentence explaining what this number means. If you're not sure how to do this, at least put units on your answer). to be D(p) = p²
The biological relationship between the growth for the fish population and the size of the fish population is g = 15S(1S/5) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b = 3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $50. If we rewrite the sustainable harvest/catch level equation in terms of effort level, E, then we have b s = E E-
Which graph below is a function? * Option 1 Option 2 Option 3 Option 4
6 Assume an hypothetical consumer faced by the following utility function; U=X^2Y ( squared times y). After a bad harvest and thus bad economic conditions, the price of good X increases from Ksh.4.2 to Ksh. 4.8, while the price of good Y which was ksh. 4 increased to ksh.5. The income of the consumer was ksh. 30 before and after the good harvest. Calculate the CV and EV.

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