Chapter 6.2, Problem 41E

The Cobb-Douglas model. Lincolnville Sporting Goods has the following production function for a certain product:

$p\left(x,y\right)=2400x^{2/5}{y}^{3/5}$,

where p is the number of units produced with x units of labor and y units of capital

a. Find the number of units produced with 32 units of labor and 1024 units of capital.

b. Find the marginal productivities

c. Evaluate the marginal productivities at $x=32\text{ and }y=1024$

d. d) Interpret the meanings of the marginal productivities found in part (c).