Matched Problem 4 The productivity of an airplane–manufacturing company is given approximately by the Cobb–Douglas production function f ( x , y ) = 40 x 0.3 y 0.7 (A) Find f x ( x, y ) and f y ( x, y ). (B) If the company is currently using 1.500 units of labor and 4,500 units of capital, find the marginal productivity of labor and the marginal productivity of capital. (C) For the greatest increase in productivity, should the management of the company encourage increased use of labor or increased use of capital?
Matched Problem 4 The productivity of an airplane–manufacturing company is given approximately by the Cobb–Douglas production function f ( x , y ) = 40 x 0.3 y 0.7 (A) Find f x ( x, y ) and f y ( x, y ). (B) If the company is currently using 1.500 units of labor and 4,500 units of capital, find the marginal productivity of labor and the marginal productivity of capital. (C) For the greatest increase in productivity, should the management of the company encourage increased use of labor or increased use of capital?
Solution Summary: The author calculates the partial derivative of the function f(x,y)=12x-0.7y
Matched Problem 4The productivity of an airplane–manufacturing company is given approximately by the Cobb–Douglas production function
f
(
x
,
y
)
=
40
x
0.3
y
0.7
(A) Find fx(x, y) and fy(x, y).
(B) If the company is currently using 1.500 units of labor and 4,500 units of capital, find the marginal productivity of labor and the marginal productivity of capital.
(C) For the greatest increase in productivity, should the management of the company encourage increased use of labor or increased use of capital?
Q1. A chest of drawers has 3 drawers. Each drawer has 2 boxes. The boxes of one
drawer contain a silver coin in each respectively, the boxes of another a gold coin in
each box, and the boxes of the third drawer a gold and a silver coin, respectively. A
drawer is selected at random and a box from the drawer is selected at random and
opened. The coin is found to be silver. What is the probability that the coin in the
other box is gold? (Harder Problem)
Write codes to perform the functions in each of these cases
i.
ii.
Apply cd command to tell STATA the filepath associated with
your "favorite folder" (use the same name for the favorite folder
that we have been using in class)
Apply log using command to tell stata that you are creating a log
file to record the codes and the outcomes of these codes. Make
sure your log file is called loghwa1_W25.smcl. Do not forget to
include the replace option.
iii. Get help for the "regress" command & include a screenshot of
the outcome of this code
iv.
V.
Open a stata file stored in STATA memory called pop2000.dta
Continue from question iv. Save this file in your favorite folder
(current working directory) using a different name & a replace
option
please include radicals in answer
Chapter 7 Solutions
Calculus for Business, Economics, Life Sciences, and Social Sciences (13th Edition)
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