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17) The Cobb-Douglas production function for a product is: N(x, y) =10x%y? Where x is the number of units of labor and y is the number of units of capital required to produce N units of a product a) Find N,(x, y) and N,(x, y) b) If the company is now using 40 units of labor and 50 units of capital, find the marginal productivity of labor and the marginal productivity of capital. c) For the greatest increase in the company's productivity, should the company encourage increased use of labor or increased use of capital?

17) The Cobb-Douglas production function for a product is: N(x, y) =10x%y? Where x is the number of units of labor and y is the number of units of capital required to produce N units of a product a) Find N,(x, y) and N,(x, y) b) If the company is now using 40 units of labor and 50 units of capital, find the marginal productivity of labor and the marginal productivity of capital. c) For the greatest increase in the company's productivity, should the company encourage increased use of labor or increased use of capital?

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 93E
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17

The cobb douglas production function for a product is 

N(x,y)=10x8y2

Where x is the number of units of labor and y is the number of units of capital required to produce N units of a product. 

a.) If the company is now using 40 units of labor and 50 units of capital, find the marginal productivity of labor and the marginal productivity of capital. 

c.) For the greatest increase in the company's productivity, should the company encourage increased use of labor or increased use of capital?

 

please show all work. Thank you!!

17) The Cobb-Douglas production function for a product is: N(x, y) = 10x*y? Where x is the number of units of labor and y is the number of units of capital required to produce N units of a product a) Find N,(x,y) and N,(x, y) b) If the company is now using 40 units of labor and 50 units of capital, find the marginal productivity of labor and the marginal productivity of capital. c) For the greatest increase in the company's productivity, should the company encourage increased use of labor or increased use of capital?
Transcribed Image Text:17) The Cobb-Douglas production function for a product is: N(x, y) = 10x*y? Where x is the number of units of labor and y is the number of units of capital required to produce N units of a product a) Find N,(x,y) and N,(x, y) b) If the company is now using 40 units of labor and 50 units of capital, find the marginal productivity of labor and the marginal productivity of capital. c) For the greatest increase in the company's productivity, should the company encourage increased use of labor or increased use of capital?
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